I remember this board and forum from when Andy first started it (must be about a decade now). I've always monitored it, but spent my time debating the issues face-to-face with sector colleagues and on other social media. The IVA sector has evolved hugely in that time, I think mostly for the better in terms of its accessibility and flexibility, but the contraction and volume processes are a worry.
Standards and knowledge is slipping and what is more worrying is the companies that sell on their books whilst continuing to trade and then build up a new client base.
At that point the person in the IVA is clearly a commodity to be bought and sold.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
No idea Lou - perhaps you should email Andy and ask that you be made an expert?
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
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lifenoteasy
Standards and knowledge is slipping and what is more worrying is the companies that sell on their books whilst continuing to trade and then build up a new client base.
At that point the person in the IVA is clearly a commodity to be bought and sold.
In some ways I agree. Mergers and acquisitions (and failures) are all part of the business landscape. The difference for IVA clients is unlike other customers they cannot take their 'business' elsewhere if they do not feel happy with the new owner. If you spent time researching your IP and chose a small local firm for example, only to be sold to a huge volume provider 200 miles away. You'd have every right to be miffed in my opinion. Personally id like to see that changed in favour of consumer choice. IVA clients given a choice to move to the purchaser, or a new IP of their choosing. There is one firm who builds a back book for a year then sells it off. They've done it about 3 times but the clients were not made aware of this "business model" at outset.
Last edited by LouYates on Fri Apr 15, 2016 2:43 pm, edited 1 time in total.
I've emailed Andy so hopefully he will be in contact soon.
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
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by LouYates
In some ways I agree. Mergers and acquisitions (and failures) are all part of the business landscape. The difference for IVA clients is unlike other customers they cannot take their 'business' elsewhere if they do not feel happy with the new owner. If you spent time researching your IP and chose a small local firm for example, only to be sold to a huge volume provider 200 miles away. You'd have every right to be miffed in my opinion. Personally id like to see that changed in favour of consumer choice. IVA clients given a choice to move to the purchaser, or a new IP of their choosing. There is one firm who builds a back book for a year then sells it off. They've done it about 3 times but the clients were not made aware of this "business model" at outset.
I feel that there should also be a mechanism built in so that, under certain circumstances, other than a transfer by the outgoing IP, the debtor can initiate a transfer if the relationship with the IP has irretrievably broken down.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Funnily enough we have had an example just this week. Its us as supervisor that no longer wish to act on the case, as the trust and relationship with the debtor has broken down. The case was accepted just last week and the debtor has shown a complete disregard for the IVA already, and has been incredibly aggressive and threatening. The mechanism for us to retire as supervisor is as difficult as it is the other way around! We have never had to contemplate this before - it really is an exceptional case.
Last edited by LouYates on Fri Apr 15, 2016 4:01 pm, edited 1 time in total.
There is a large element of trust on both sides. An IVA, for the debtor, is intensely invasive and financially intimate, which many IP's / case workers do not seem to appreciate.
This is one reason it is particularly upsetting when, having done your research, "bared your soul" to several companies and made a considered choice, you get "offloaded" to another firm (and possibly, as in my case, one you had actively dismissed when starting out).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's invasive because too many companies work on an implied model - once you start the process it's taken you know what is going on and will accept at face value what you are told even when it's totally wrong.
As an ip can never be wrong or have a decision overturned there is a bit of a god complex that can spill over to staff.
They never explain what supervisor means, too much is based on local practice and interpretation and company web sites only say what they want you to hear.
2018 will be interesting - mop up of ppi plus new eu data protection rules which moves to explicit consent.
It's an old discussion on the board.
There are exceptional companies in terms of practice and quality monitoring but based on the who are the market leaders they are not included ( bar 1).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Interesting article, I fear that increasing monopolies will reduce choice, reduce customer service and increase that god complex mentioned in certain cases. from my point of view if I had spoken to someone at work the way I have been spoken to at certain points during the management of my IVA, I would be looking at a written complaint investigated by a separate department, rather than the person and staff being complained about. I would have jumped at the chance to change my IP at a certain point, but then I resent being interrogated and spoken to like something that they've trodden in. Maybe there should be a similar entity to the financial ombudsman with the power to direct IVA firms to rectify mistakes and financially compensate people. Just a thought.
Last edited by gallifrey on Sat Apr 16, 2016 1:03 pm, edited 1 time in total.
IVA agreed 14/02/2011
IVA settled 06/06/2013
Onwards and Upwards
I believe they are looking to set up the Insolvency Service as an overriding regulatory body ... hopefully they will have the will and the powers to actually do something that gives restitution to the debtor in a complaint.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Very little that can be done until basic legislation is changed.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
