A few years ago (2005-ish) there were several news stories from banks around AGM/results time complaining about IVAs and debt write off with supporting stats.
CCCS (who may or may not be more influenced by creditor opinion) despite being the second largest debt advisor after the CAB still do very few IVAs.
CCCS were a nightmare to me - DMP or nothing - even told me an independent IP would say the same as them.! Melanie did not say the same- in fact the exact opposite and got the IVA through at first attempt.
I think for the number of people who contact them for help in a day there are remarkably few IVAs being produced by them (not even 2 a day!) and some very long DMPs.
you are telling me! If I had gone with them the DMP would have lasted about 13 years providing all interest was frozen and that was paying the average amount of IVA payment over 5 years.
I have to say I am so glad I found this site. I was advised to use the CCCS but as previous readers of my posts will be aware there proposal is to do a DMP which would take 15 years. I am literally now at the point of taking the IVA forward, and will probably go with Mel. Mel - I assume my wife and I would need to meet up with you but you are based in Glamorgan and I live in Sussex ?
If you are not self employed, then you do not need to meet up with your IP.
I know Mel likes to meet people, but it's not a problem if you can't.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks Kallis, I am conscious of timeframes and if my wife and I decide to go down the IVA route with Mel I would not want any delay to be encountered through a delay in getting a personal meeting in place. Given that I work full time and we have 2 kids I can envisage it being very difficult to meet Mel given location, and the need to get child minders and time off work et etc. That being said I would rather go on a recomendation from this site than take a local IP that I have no recomendation on. Does this make sense or am I missing the point ?
CCCS advised me to do a DMP. Not sure if this was good or bad advice. If interest could have been frozen, I could have paid off my debts in 6.5 years. My IVA is going to run for 6 years (plus possibly an extract 12 months). So if that happens I will repay all my debt 100% + IP charges.
So, in effect I am paying £8k in my IVA over that what I initially owed creditors.
However, the uncertainty and hassle of DMP, together with the nasties referenced my Michael was enough to make me think I was doing the right thing.
Plus, I planned to complete early via a F&F at some point in the future. Under this I expect to pay back 100% so the term is almost irrelevent.
Last edited by mole on Wed Jun 03, 2009 1:21 pm, edited 1 time in total.
Thanks Swardean. I thought that IVA's ran for 5 years so without being too personal in my questions, is it usual for 6 years + 1 to be encountered as you have had to do ?
