www.iva.co.uk

the debt people are going through my finances at the moment and we have passed the initial over the phone assessment, but i am worried about what happens if we arent accepted for an iva. is it bankruptcy or are there other options?

Hi cj bankrupcy is one option and there is also a debt management plan. The best thing I think is to speak to a couple of companies. The best solution depends on your specific situation, there are lots of factors to consider, which can influence the best solution. Research and learn all that you can about the different options and how each would affect you and then you can make an informed decision on the best route. Your company will help you and you should be asking all the questions you want until you completely understand. Dont be rushed if you want another opinion them ask another company to compare views. Ask all you want on the forum that is what it is for. I am not a technical expert so wait for other answers.

All the best
Ang

I wonder, what does passed the initial over the phone assessment mean?

Passed what?

Have you not been advised what options are available to you, based upon your circumstances? Have you not been advised of the advantages of each of those alternatives?

If you have passed ... meaning you qualify for an IVA and you have not been advised of your alternatives, then I would seriously advise you to approach other Insolvency Practitioners before you make any decision, as you have not been provided with the required information.

Could I ask you to say which firm you have been speaking to?

Sounds like a large firm with a call-centre operation rather than you getting specialist advice directly from an insolvency practitioner.

hi, thank you for yor replies. i m with the debt people who reccommended iva, they assessed me over the phone and i have sent all my paperwork to them. i was worried that i hadnt enough info if iva was right for me but have spoken to another company baines and ernst and they also said iva was best option. i am just deciding which company to go with.

Hi
It sounds as if you meet their criterea rather than they meet yours.
Have a look at IVA.com and take a second and possily third opinion
Regards

Have they gone through the various options with you?

Ian

c.j wrote:

the debt people are going through my finances at the moment and we have passed the initial over the phone assessment, but i am worried about what happens if we arent accepted for an iva. is it bankruptcy or are there other options?

There are other options, and these should be explained to you before you enter into an IVA.

I expect when they say you have 'passed' this means you owe more than £12,000 and have a disposable income of £200+, and i expect very little thought has been put into the decision. As Melanie says a large volume IVA call centre operation.

I would suggest that you take another opinion, in my experience you get better advice from one of the smaller Insolvency firms.

Do not go through Baines and Ernst as they will put you through to Blair Endersby who are as much use as a chocolate teapot