My company made sure I was well aware of the pros and cons, and, as I am sure is common practice, provided me with a written summary of the conversation, before I signed anything.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
kallis3 wrote:
I agree as well. It is down to the individual OR or IP.
However, an IP will not push an IVA just to get their fees, all options will be discussed and the choice is then up to you. Nobody forces you down a particular route.
Have to disagree. They may be bound to explain all options but they can certainly weight the one that is best for them. And why wouldn't they when they can make thousands from an IVA and considerably less from a bankruptcy. No offence intended as I have received a lot of help on this forum, but I truly believe the decision making proces is flawed when you are being told one way is terrible and another is much better suited. My IP tried every scare tactic they could to stop me ending my IVA and ignoring them was the best thing I could have ever done.
I think if you want impartial advice, This is the place to get it.
Apart from one who told me my only choice was bankruptcy (not an option) the company I chose gave me all the options and made sure I understood them all. It was then up to me to choose the right one for me.
I'm sorry you had a bad experience but the vast majority of posters on here are happy with their IVA's.
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
kallis3 wrote:
Apart from one who told me my only choice was bankruptcy (not an option) the company I chose gave me all the options and made sure I understood them all. It was then up to me to choose the right one for me.
I'm sorry you had a bad experience but the vast majority of posters on here are happy with their IVA's.
Again, I certainly don't mean any disrespect. Had it not been for this forum and the help I got...well, I think I'd have jumped off a bridge a few years ago.
I think you hit the nail on the head when you say 'happy'. If you aren't, you need advice from other than your IP. It is only human nature and simple economics that they would seek to keep you in the IVA.
I do accept BR is very much an unknown before it is entered into and so an IVA is a little more clear. I say again that the best impartial advice is on here and whilst it is true we make our own decisions...be careful who you allow to influence them.
This is one of the reasons we always advise people to speak to a few companies, before committing themselves, and, hopefully to ask as many questions as they need on here.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:
Scott, I was actually told that bankruptcy was my best option, IVA second and DMP last.
Interestingly the company would have actually made more out of me from the last advised option and less out of the first advised!
For my own reasons, I chose to pursue the second option.
Thats fine. I also spoke to someone a few years previous and they recommended the same to me. The thought of BR terrified me and I thought I'd lose my job.
But when push came to shove and I had to make a decision my IP made it abundantly clear an IVA was the ONLY way I would keep my home, car etc. I believe they lied. Six months in I couldnt cope but they wanted more. Filed for BR, kept my home, car etc and made no payments. My heart goes out to people struggling and I don't want to appear rude or anything like that. But obviously from personal experience I feel somewhat 'evangelical' about the BR process compared to the IVA. It saved me thousands and credit is only a minor problem now.
Well, I have no home to lose and no-one in their right mind would want my car! I could save thousands, too, by going BR. However, I have chosen not to, and I wasn't spun any scare stories.
My feeling is that it wasn't necessarily the IVA that was wrong but the Company dealing with it. I appreciate your "evangelical" feelings, but, please, don't tar all with the same brush.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
These days you are much more likely to lose your house as the OR keeps hold of it until 2 years 3 months into the BR before looking at things again. You will also pay an IPA if your DI is over £20 a month so things have been considerably tightened.
I would most definitely have lost my home as there is too much equity in it and that was not an option. Wasn't bothered about the job as I would have been unlikely to lose that.
I think this is one of those debates that can run and run. We all have our own opinions on things.
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
Foggy wrote:
Well, I have no home to lose and no-one in their right mind would want my car! I could save thousands, too, by going BR. However, I have chosen not to, and I wasn't spun any scare stories.
My feeling is that it wasn't necessarily the IVA that was wrong but the Company dealing with it. I appreciate your "evangelical" feelings, but, please, don't tar all with the same brush.
I'm not, bit I fear there is a similar evangelical approach to IVA's sometimes when BR may work far better for the individual. That's all.
kallis3 wrote:
These days you are much more likely to lose your house as the OR keeps hold of it until 2 years 3 months into the BR before looking at things again. You will also pay an IPA if your DI is over £20 a month so things have been considerably tightened.
I would most definitely have lost my home as there is too much equity in it and that was not an option. Wasn't bothered about the job as I would have been unlikely to lose that.
I think this is one of those debates that can run and run. We all have our own opinions on things.
Ah see that is different - your circumstance are absolutely right for an IVA. But (and it may be better as a separate thread) it is plain wrong to say there is no incentive for an IP to weight an IVA over bankruptcy. Because of that, the decision making process isn't as objective as it could be.
I'm sure the experts on here will disagree with you Scott and I know that they all give free and impartial advice about all of the options available.
I was in a DMP for 18 months as well having been told an IVA was not an option as I had too much DI for one. Ironically I now pay less into my IVA than I did my DMP!
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
kallis3 wrote:
I'm sure the experts on here will disagree with you Scott and I know that they all give free and impartial advice about all of the options available.
I was in a DMP for 18 months as well having been told an IVA was not an option as I had too much DI for one. Ironically I now pay less into my IVA than I did my DMP!
Are you saying that companies with employees do not have targets and that it is unfeasible they may have instructions to push certain methods of debt management? You can't say that some companies are unscrupulous by scouring the insolvency register but then say it isn't possible for another company to be unscrupulous in the first place. Good and bad in all industries and there is a lot of money to be made from debt. People are vulnerable and so will do pretty much anything to get out of that trap.
I have no idea how the companies work but they should not push debt solutions if it is not right for the poster. I don't doubt there are bad debt companies, we read about them on here but thankfully they are in the minority.
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
kallis3 wrote:
I have no idea how the companies work but they should not push debt solutions if it is not right for the poster. I don't doubt there are bad debt companies, we read about them on here but thankfully they are in the minority.
Of course they shouldn't but this is real life and ultimately they are not in this business out of altruism. They are running a business. I'm pleased for anyone that is in an IVA and happy the wolves are no longer at the door and they can get on with their lives. I'm not happy that I, and others I know of, have been led down the IVA path because the alternative would generate less income for the IP.
Anyway, its not a disagreement. Its simply a reminder that advice should be taken from multiple sources - I think we can all agree on that. [:)]
