www.iva.co.uk

I have been visiting this website for a few days now and have found some comfort (sorry) to know that I am not the only one in debt. Both my husband and myself have been advised to take out an IVA and have started completing the dreaded paperwork, but I can't see on your website if there is anywhere we can check to see if the company we are using are ok! You hear so many horror stories the I am a bit scared. I have only just signed up to the forum, so hopefully this will be posted as I'm not sure what I am doing. Also, computer is a bit slow as we don't have broadband.
Hope someone can answer my question!

There are lost of reputable Insolvency companies out there - who have you approached - always best to look at two or three different ones and weigh things up.

Being in a IVA is scary, however once approved it gives you a new lease of life and enables you to move forwards, knowing that you are paying back what you have borrowed.

It does take over your life for a while, and you do learn to budget very quickly. Once able to budget and live well within your means it becomes easier and easier.

Try Googling the company name - you'll get all sorts that way too !

There is a web site where you can look at ratings, but my browser doesn't keep the address. I was with Debtmatters and they were a pile of pooh but others found them ok so it's a swings and roundabouts sort of issue.

If I had to start again, I'd go with Melanie Giles who posts on here, but one of my bug bears is customer service and from what I have seen here, hers is exemplary.

We have left our details on Melanie's voicemail this morning. Hopefully we will get a response soon. We too have been watching this site for afew weeks and have been posting for a few days - what a comfort!!!!
We are really grateful to this site and we haven't even sorted anything yet...........a long road ahead. xx

Welcome Trickles, if you name your chosen company, I'm sure someone else will either be using them or have used them in the past. This way you can get first hand answers to your questions. As others have said, Melanie would be an excellent choice if you are unhappy with what you are being told.

Hi Trickles

Try this http://www.iva.com/iva_comparison_1.asp

Thank you for your messages. The Company we have been given details, and who have sent us the paperwork: is Kingsgate Insolverncy Practitionersm in Stockport! It would be nice to know that someone else has used them.

I have personally never heard of them, but that doesn't mean anything -we're with debt free direct and they have been very supportive to us - however others on the forum have different views -your personal circumstances and the IP you speak with will depend on whether they are suitable for you or not - stay logged on I am sure one of the forum experts will give further advice.

Best wishes

Hi ther and welcome.
As pixie said iva.com gives reviews on all the companies and Ip's. You can always get the opinion of another company if you wish, a sensible thing to do and allows you to compare if their views are similar.
You can get lots of support here, ask questions and have a moan if you are feeling down, we all have those days.
Hi to moneystinks as well, Mealnie's team will get back to you I am sure, no worry.



Ang

Thanks for that. There is a question that I would like to ask. Kingsgate have advised us to open a new bank a/c. They have also requested the first payment of our IVA on the 14th April even though they haven't completed all the paperwork yet nor have they approached our creditors. Is this normanl?

Thanks for that. There is a question that I would like to ask. Kingsgate have advised us to open a new bank a/c. They have also requested the first payment of our IVA on the 14th April even though they haven't completed all the paperwork yet nor have they approached our creditors. Is this normanl?

Hi Trickles .
Some will ask for an upfront payment, it shows willing and is ready to take to the table as such. You should check and have it confirmed that it sis returnable should things not go well.
A new bank account is necessary if your present one is one of your creditors. I would sort this asap so that ther are no mix up with wages as we see occasionally happen. The account should be basic with no credit attached ( overdraft) . The coop cashminder comes well recommended. Just switch alll your debits to the new account for your utilities etc.

Ang

Hi again Trickles, we have just had our IVA accepted with Kingsgate. They have been very fast and helpful. We too couldn't find out a lot about the company, but they were very good with us on a personal level. As for the bank account, you only need to change if you owe the bank money, i.e loan, overdraft etc. You should also be careful that your bank is not associated with any of your creditors.We paid our O/D off before entering into the IVA so did not need to change.
Hope this has been of help.

Most insolvency practitioners will ask you for the first payment to be made prior to the IVA being accepted, but all firms probably have their own procedures. In my practice we write to creditors straight away, as we believe there is a need to get the ball rolling first and get creditors to independently verify the amounts due to them - this saves an awful lot of time in reconciling claims once the IVA is in place.

Once we have met with our client (either on the telephone or face to face if clients would prefer), we then draw up the proposals and send them for signature, at which time we ask for a first payment as a gesture of commitment to ourselves and the creditors. This money is fully refunded in the unlikely event that we do not get the IVA accepted, but your chosen IP might have other policies in his/her practice.

I would also have asked you to open a new bank account, but only if your existing account is held with a bank to whom you also have debts.

Sorry missed last bit, the payment bit is normal for this company, any payments you make will go towards your IVA and count as one of your monthly payments. You can always change the payment date to an earlier date later, if there are any mods to your proposal you can just up the standing order with your bank.