Hello,I am on a Debt Management Plan

[viki.pm]

Hello,

I am on a Debt Management Plan at the moment with Payplan and after much consideration would prefer to go down the IVA route. Debt Free Direct are sending me out some paperwork to begin the process of an IVA. However I have been reading some reviews online with regards to DFD and i'm unsure of their goals. Are there any IVA companies that you recommend that are not just out to get the most money in fees? I tend to act on impulse, hense the debt, and don't want to make the same mistake. However, time is of the essence and I really could do with some advice? Can anyone help me?

[amyc]

hi there. I am not sure if i am alowed to recommend companies on here but I will give it a go. We are with clear debt and they are amazing. Also Melanie Giles posts on here and comes highly recommended. I am sure someone will post soon with some more info

[RJC]

Hi Viki and welcome to the forum.

There are a number of experts on here that post and come recommended. I would suggest looking at www.iva.com and read some of the reviews on there.

Always talk to two or three different IP's and see which one you feel most comfortable with.

Good luck and hope you get everything sorted soon.

May I ask what has made you decide to go down an IVA route as opposed to Debt Management?

[Declan at DebtFreeDirect]

Hi Viki
Welcome to the forum.
I can assure you our goal is to help you become debt free by recommending the best and most appropriate solution which in your case is an IVA. I fully understand that this is a difficult time and you ned to be sure that the decision you are making is the correct one. Regardless of what you decide, if you do have any questions or queries, do not hesitate to ask.

Thanks

[Michael Peoples]

All IP companies tend to be paid the same amount as fees are agreed with creditors. DebtFree are a reputable firm and Declan Murphy who works for them is a regular poster here. However, if you are not comfortable you can always contact other firms to see if the advice is the same, as it is certainly not worth rushing into. Good luck with your proposal.

[Debtwitch]

Hi Viki

You've already spoken to DFD and there's at least 3 more in this thread alone you can speak to.

You may think that IVA is thr route you want to pursue, but make sure that when you're talking to the speacialist, they explain the benefits and drawbacks of either procedure. There are other options also, but have the speacialist discuss this in light of your personal circumstances.

[viki.pm]

Hi there, I can't belive how many people have responded so quickly!!! I am more inclined towards an IVA for the following reasons, and i'll be honest:

1. Interest and charges are pretty much frozen.
On my DMP I don't belive any of them have and I have been on this since around May/June this year. I reviewed by debt again weekend just gone and my overall debt is alot more than what it was at the start of my DMP due to this factor.

2. Generally it takes 5 years and the rest is cleared.
I could be paying off my DMP for a much longer period of time and that scares the hell out of me.

3. Creditors are legally bound (if IVA is agreed)
They are not on a DMP, they could request the the full amount back at any point, this again scares me.

That's just a few main points. Overall although I am not being hassled, as such, from my creditors as much now as before I still feel like my life is going to stay on hold because I don't what they are going to do around the corner. If that makes sense? But with an IVA i have more control, i know it is my fault for getting into debt in the first place and I take full responsibilty for it. Now I'm just trying to find the best to get out of it.

Hi Viki and welcome to the forum.

There are a number of experts on here that post and come recommended. I would suggest looking at www.iva.com and read some of the reviews on there.

Always talk to two or three different IP's and see which one you feel most comfortable with.

Good luck and hope you get everything sorted soon.

May I ask what has made you decide to go down an IVA route as opposed to Debt Management?

[viki.pm]

Hello Declan,

I feel rather bad now cause I didn't know anyone from DFD would be on here. I did feel really comfortable with the guy I spoke to from DFD and he did put me at ease. Perhaps you could clarify a few things for me:

1. What is DFDs success rate of an IVA being approved?
2. On average, how long does this take to be set-up and get going?
3. If I sign the papers and sending them back agreeing to what has been suggested do I still carry on paying Payplan for the DMP until I know whether the IVA has been approved or declined?
4. As your fee is taken from my monthly payment to the creditors, does this mean it will take me longer to pay off my debt as there is a chunk missing each month?

If you could give any insight to these questions that would really help me out alot.

Hi Viki
Welcome to the forum.
I can assure you our goal is to help you become debt free by recommending the best and most appropriate solution which in your case is an IVA. I fully understand that this is a difficult time and you ned to be sure that the decision you are making is the correct one. Regardless of what you decide, if you do have any questions or queries, do not hesitate to ask.

Thanks

[Michael Peoples]

If DFD have recommended an IVA they would not so unless they believed it to be the best option for you. Ultimately, you could petition for bankruptcy and your creditors would receive very little or any return whereas the IVA is effectively a compromise. Hopefully creditors will look favourably on the proposal and you will have a guaranteed date when your financial problems will be over.

[viki.pm]

Hi Michael,

I know your completly right. It wasn't until i was reading the reviews that I started to have doubts about DFD. Up until that point I had the gut feeling that was telling me this is finally going to be ok now, which generally I don't get unless it's true. My gut is pretty good like that lol, sometimes.

I belive I would prefer an IVA rather than bankruptcy only for the sole purpose of that I know i'm paying back some of the mess I caused. If there was no other option than i would have to go down the bankruptcy road but if it can be avoided and I can return some of the money I borrowed I would be happy.
[:)]

If DFD have recommended an IVA they would not so unless they believed it to be the best option for you. Ultimately, you could petition for bankruptcy and your creditors would receive very little or any return whereas the IVA is effectively a compromise. Hopefully creditors will look favourably on the proposal and you will have a guaranteed date when your financial problems will be over.

[Declan at DebtFreeDirect]

Hi Viki
Happy to help as best I can! In answer to your questions:

1) Current success rate is 98% of all IVAs put forward to creditors.

2) The average time line is 6 weeks. Bear in mind we need to give creditors circa 18 days notice for a meeting which is part of the 6 weeks.

3) Yes, I would advise you to continue with your plan with Payplan until the IVA has been approved.

4) No, it will not take you any longer to pay off your debt because of fees. The majority of IP's have the same or similar fee structure as agreed with your creditors so at the end of the IVA you will be debt free.

Hope this helps and glad to be of assistance.

Thanks

[viki.pm]

Wow you lot are quick at responding aint ya!!

Declan, thank you very very much for answering my questions. I really wasn't expecting your success rate to be that high!! And I feel more comfortable now knowing the fees are not going to put extra time on the IVA.

You have been a real help, I have butterflies now. I think that's because I know it's going to be ok. Hard!! But ok [:)] Thank you ever so much.

Hi Viki
Happy to help as best I can! In answer to your questions:

1) Current success rate is 98% of all IVAs put forward to creditors.

2) The average time line is 6 weeks. Bear in mind we need to give creditors circa 18 days notice for a meeting which is part of the 6 weeks.

3) Yes, I would advise you to continue with your plan with Payplan until the IVA has been approved.

4) No, it will not take you any longer to pay off your debt because of fees. The majority of IP's have the same or similar fee structure as agreed with your creditors so at the end of the IVA you will be debt free.

Hope this helps and glad to be of assistance.

Thanks

[Declan at DebtFreeDirect]

Hi Viki
No worries, happy to help where I can! If you do have any questions down the line do not hesitate to ask.

Thanks

[MelanieGiles]

Why did Payplan not recommend an IVA to you in the first place Viki?