Im sorry if this a repeat post from one i was typing last night. Istarted posting last night and my laptop ran out of battery half way through!!!
My partner and I owe about £63k in total. We have spoken to 5 companies (it was 4 last night but ive spoken to pay plan today) now and we seem to be receiving conflicting/mixed advice. The main problem/reason as to why we are getting mixed advice appers to bendue to the level of debt we have with Lloyds TSB (about £50k)
The first company i spoke to was called Freeman Jones who advised us that we couldnt look at an IVA due to over 75% of our debt being with Lloydsand they always reject them, and they suggested a DM plan with their sister company Gregory Pennington, however this would take around 15 years, though they did say we could re look at an IVA in the future if there voting policy changes. This view was also given by a company called Abacus when i spoke to them,
However i have then spoken to another 3 companies who said that i could look at an IVA and that Lloyds didnt always reject, it was only if they feel a Debt Management plane would clear the debt in a short space of time??
Whats really confusing is a some of the companies i have spoken to have told me they give correct advice cause they are members of DEMSA? (who apparently the OFT say are some of the best companies to deal with) but they are giving different advice so how do we tell which is correct??
The companies i have spoken to are Freeman Jones, Abacus, Harrington Brook, Chiltern and Payplan??
Can anyone advise me which of these companies are best to deal with? The funny thing is they all agree that we can only afford around £400 a month, its just the help they are offering that is different?
Thanks in advance, any help or advice would be really really appreciated
Hi there and welcome to the forum, all good companies I think have you taken a look at www.iva.com as there will be some reviews of the companies possibly on there.
I'm personally with Melanie Giles who posts on the forum and find her to be very approachable, knowledgeable and professional. Worth a look on www.iva.com even if only to read the reviews.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I think it may be down to how much you owe them and how much the percentage is.
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
My creditors meeting was a couple of weeks ago. All creditors voted, Barclaycard, HBOS, Coop in favour and lloyds did not vote. My I.P said that was because they could not provide a representative to deal with it?. It wasn't because they were against the IVA but that they were restructuring their staff who deal with IVA's ?.
IVA.com recommends IVA firms. I spoke with several before going with RE10 who I have found to be excellent . Watch for the upfront fees. Good luck
My LTSB debt was very little and they were the only ones who voted no.
Visit the link that Lesley posted and speak to some more companies. The experts who post on here come highly recommended as well.
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
We have a Lloyds Overdraft and Loan...
They had enough time to lodge evidence of debt but voted against ours first round. We're in the process of setting up a re-match atm
"If you know how to spend less than you get, you have the philosopher's stone."
Benjamin Franklin
There is no problem with Lloyds TSB - and if you want an IVA then you ought to put one forward - especially if a DMP is going to take you 15 years to repay.
Can I make it clear about DEMSA. This is a regognised trade body which comprises of a number of companies involved in the debt management industry. Neither member companies, nor recognised regulatory bodies, should market their membership of this body in a way to suggest that a better service is received from member companies rather than non-member companies. Whilst I believe this organisation to be a very reputable body, it was largely established for the debt management industry - and you are actually looking for a formal insolvency solution, namely an IVA. IVAs are proposed and supervised by insolvency practitioners, who have their own regulatory body and are very strictly licensed and regulated. Some IPs have chosen to be members of trade associations, others have not. There are many reputable IP firms out there whose reputations have been built by honest good and hard work, and you may wish to try another few firms who can give you more positive advice from their own knowledge and experience.
On the facts you have presented, I personally would feel that an IVA would probably be acceptable to Lloyds TSB.
Hi
A fifteen year DMP is unreasonable and in all honesty it will probably take longer than this as interest and charges will not always stop straight away.
I too think that an IVA is a route that you should explore in detail and the worse case scenario is that you drop into a DMP if your IVA is rejected
Regards
this thread worried me.i've hardly slept. we want to do a F&F,most of the debt is with Lloyds TSB. i've seen other posts saying Lloyds don't like IVA's.
the strain of all this is killing me. I am thinking about BR again
Nothing stays the same...everything changes..hang on in there!
The one thing I have learned during my few months on the forum is that no two IVA's are the same what works for one hasn't worked for another. You won't lose anything by trying for an IVA you might be suprised as Declan said if that fails then you can go for a DMP.
Its all very scary initially and I know you are bombarded with information that's hard to understand.
Have a scout around the forum and gauge other opinions about which company to go with there are some very helpful people on here, grit your teeth and give it a go, like the rest of us you probably can't go on the way you are and the sooner you make a decision the sooner you will be on the road to debt freedom.
Good luck
Karen[:)]
Hi, on my IVA TSB are my second biggest creditor and they didn't vote. I agree that you should try to propose an IVA and if it is rejected go into a DMP. It is certainly worth trying for.
