www.iva.co.uk

Hi There,

I am thinking of entering into an IVA and have had some advice on the matter. The only thing that concerns me is that I am a Police officer. I do not really want to declare my financial troubles to work as I am concerned as to any affect it would have on my job? I'm not sure if I am obliged to tell them but if I didn't I wonder if I would be breaching the integrity code that offcers are supposed to abide by???

I'm also wondering if there are any police officers out there who have had success with an IVA?

Hi Providence and welcome to the Forum.

I am a civilian worker for the police and am hoping to be accepted for an IVA tomorrow. I have said nothing to anyone at work, and as far as I know I don't have to. It is not bankruptcy which I think is a different matter. I would imagine there are one or two bobbies out there in the same situation who can inform you more than me

I have acted for a number of Police Officers over the years, and the attitude of a lot of the police forces is gradually changing to make bankruptcy proceedings more acceptable. If you can afford to do one, an IVA is generally the most preferred option required by your employers.

Thanks,

Kallis3 - How long from your first contact with an IVA provider to the point your at now?

Hi,

It's been a month since we sent the proposals back, and I think it was a couple of weeks before that. We phoned them, they sent the stuff through to us, we had our phone call with the firm to make sure we knew what our options were and that an IVA was right for us, and we have our meeting tomorrow

Hiya,

Thanks again. I spoke to someone today and have had an email saying that a first payment to them (towards the IVA)should be made by me on 20th May?? I thought that seemed a bit quick but great if I can get things sorted by then? Also I have to stop paying my creditors as of now? And open a new bank account asap. It all seems to be happening so quick after having spent months, probably years with my head in the sand. But I do feel relieved that I have finally got the ball rolling so to speak.

Thanks again and good luck tomorrow!

Which company is acting for you Providence?

Hi Providence

if you have not signed anything with this provider yet I would really recommend you speak with melanie on Monday. I understand that she has a particular insight into the police sevice requirements which is a bit of a speciality.

Please make the call

Hi,

I haven't signed anything yet but will probably be getting stuff through in the post in a few days.

The company is Thomas Charles? Everything I've read about them (including on this website) seems positive, but I do agree that I should possibly get a second opinion too??

Paul - are you refering to Melanie Giles above?

With regard to first payments to the IP - this should only happen when the proposal is ready and in a position to be issued to creditors.

yes Melanie above - links to her web page in the signature

Thanks I'll keep that in mind. Also when I asked about fees I was told that these would only be 2 extra monthly payments at the end of the IVA if it was successful. Does that sound right? It's just that I've seen much hire fees figures on posts on here?

Hi Providence

I don't think that Thomas Charles have their own Insolvency practitioners so if they are charging a fee it is to collate your information and present it to an IP.

The fees an IP charge is agreed and authorised by your creditors and comes out of your contributions towards the IVA. Effectively You pay back via the IVA and the creditors outsource the proposal, due diligance and collection process to the IP.

Hope that helps

Thanks Paul,

That does make more sense now. Maybe I would be better off going direct to the IP then and saving myself the extra 2 months money? Or is that not possible and do you have to have a go between such as Thomas Charles etc?

I will try contacting Melanie as you said.

You don't need a go between, especially if you choose someone of the calibre of Melanie.

There are certainly benefits of a go between - and indeed we offer that service too for people on occasions - but doesn't sound like you need anything sorted and a phone call tomorrow will set you on the right road