MY IVA STORY

[futureisgood]

Thanks everyone but there is now an update to my story. Within a few weeks of being accepted for the IVA, I was suddenly and unexpectedly made redundant - first time unemployed in over 25 years. I did, however, get a nice lump sum and offered 14.5p/£ as a full and final settlement. It should be pointed out that I had only made one payment into the IVA.

I can report (and not to gloat but to offer hope for everyone else reading this)- that it was accepted by the three companies that bothered to vote (my smallest creditors), and I'm told that within the next three weeks my certificate of completion will be issued.

I could never have known how all this was going to pan out, life takes some odd twists and turns.

All that remains now is for me to find myself a job - I'm remaining very positive and focussed and I can at last declare myself debt free & unemployed - two things I've never been since I left school in the long hot summer of 1976.

Good luck to absolutely everyone reading this and I would just like to pay tribute to the people who advise on this site - Melanie, Andy, David and others should be very proud of the way ordinary members of the public who are lured into a world of debt by clever marketing and tempting offers, are able to sleep at night because of their diligence and skill.

[kallis3]

That's brilliant news, and I'm glad your creditors saw sense.

Good luck with finding a job as well.

Let us know how things are going.

[Michael Peoples]

Congratulations from me too. It goes to show that creditors can be commercial and provided the situation is explained there is no time bar to full and final settlements nor is there a minimum dividend accepted at such times.

[Needout]

Futureisgood. Was there any reason why you choose the CCCS and not one of the IP's on here. It would seem that the CCCS must have worked very hard for you to get such a low Dividend accepted. I appreciate that it is based on affordability but some of the posts on here about the amounts being refused by the more recognised IP's at 12 - 21p/£ cause me concern as that is where mine will be.Did the CCCS ever air there concerns as to your Mortgage or the Secured Loan. Was it a high %. Or did the CCCS seem confident that they would hang out for an agreement. Possibly they may have more joy in such cases as they are very much linked to the creditors so I have read.

[Max]

Melanie Giles has had some pretty low dividends accepted on here lately; she has a good relationship with the reps of creditors and thus knows from the beginning what is and is not likely to be accepted.

[kallis3]

Sometimes people come across this forum after they have sorted out an IP, as I did myself.

If I had found this forum first, I would have used one of the IP's on here, but I am happy with Payplan.

It's swings and roundabouts with IP's if you don't find this first![:)]

[Max]

I know one thing Jan, if Andy Davie had not directed me to Melanie I would have been in a right mess - I found him on here!

[kallis3]

Whilst we are happy with Payplan, I would have chosen an IP off here if I had found it first.

I know you are very happy with Melanie David, and I would probably gone with her as well if I'd have found this first.

[futureisgood]

In reply to Needout - I researched all the options prior to considering entering into an IVA and it occured to me that whichever IP I went to, they would need credibility with the creditors and I wanted to go to an IP who would not charge any upfront fees and who I felt I could trust.

CCCS have a VA division now and everything is handled internally and I was impressed with my initial conversations with them.

They were BEYOND EXCELLENT! - they know accurately what would be accepted and they never once questioned my situation but were supportive and helpful. I was never put on hold or asked to call back and they were there for me whenever I needed them.

The results they got for me are very impressive (I think we will all agree) and at the end of the day, it's the result that counts.

I cannot recommend the CCCS highly enough - I cannot understand anyone needing to go to a commecrial operator when this charitable organisation are there to help us all.

This is not to take anything away from the wonde ful IP'son here who I'm sure do a great job - I can only talk about my experience and I would give CCCSVA 100% on every measure.

Hope this helps.

[flumpy dog]

aw FIG

thats a lovely story

i wanna do that too !

only another 4 years and a bit to go x[:D]

well done hun good luck for your future

[kallis3]

Whilst I think Payplan are great, and I'm sure CCCS are as well (although we have mixed reviews), whoever you go with will charge fees.

If I had found this site sooner, I would have chosen one of the smaller companies who post on here. The fees would be pretty much the same, but the service would have been better.

Commercial the other companies may be, but even Payplan and CCCS charge fees in an IVA.

[marky b]

ive got to ask but is it not in the interest of cmmercial IPs to have a high as possible p/£ as the greater this is the more they earn.

[kallis3]

IVA's will always be done on the disposable income of the debtor and it is this which determines the fees.

There is not point pushing for a higher dividend if the debtor won't be able to afford to pay it.

The fees these days are determined by the creditors and if they think they are too high, they will put in a modification to lower them.

[Michael Peoples]

IPs receive an annual supervisory fee so it is their interest to have proposals that are viable and sustainable. If the IVA is too tight it will fail and creditors do not get paid, the IP does not get paid and the debtor is back to square one having lost the money that they paid in. It is in no one's interest to squeeze the debtor out of every last penny.

[marky b]

aha the voice of reason.