www.iva.co.uk

Hi ive been in a debt management plan for 1 year now with gregory penningtons with a tiotal debt of 58000 and paying 240 per month, I have today spoke to them about switching to iva but im still unsure what to do as it sounds to good to be true!!!
We have our own home valued approx 110,000 70k left mortgage and secured loans of approx 25,000, one of our debts is just going for a charging order for the 2500 we owe them so not much equity left.
I just really want so advice from normal people what your thoughts are?? We have been told looking at staying as we are 21 years to pay off or 5 with poss extension another year with iva.
Many thanks Sarah x

Hi Sarah - welcome to the forum.

An IVA could well be a better option for you and it is definitely worth seeking some advice to look at your options again.

IVAs can sometimes sound too good to be true when you have been used to Robbing Peter to Pay Paul or paying into a DMP that seems neverending and with no legal protection.

There are highly recommended companies and IPs who post on here and who are reviewed at www.iva.com - give 2 or 3 a call and discuss your situation in more detail. Make sure all the implications are explained to you so you understand fully before making any decisions.

Regards,

Thanks hun my heads spinning at the mo. Does that mean I dont have to stay with penningtons who my debt management plan is with? Ive presumed as started with them need to stick there.

Welcome to the forum,
No you don't have to stay with the same on you are with now, you can choose any company but make sure it is one who you feel confident with, after all you are going to be with them for the next 5 years.

I mirror Tina & Pandys word above.
You need to do your research & be happy with the company you chose, as 5 years is a long time, but being in a IVA myself passes quickly.

Good luck & welcome to the forum from me, your in safe hands here.

The link provided by Tina is an excellent starting point to choose 2 or 3 companies to contact to get ome all important impartial advice.

The professionals who post on the forum all come highly recommended too.

All debt solutions can be discussed in full x

It is important, at this point, to say that an IVA , on the evidence provided, may indeed be viable, but a while back it may well not have been, for various different reasons. On that basis, GP may well have done everything that they can to help you.

However, your debt is always yours, and therefore how you deal with it is your decision and no one elses. Stick with GP (Insolvency arm is Freeman Jones) or twist and go elsewhere. Your decision alone.

I am aware that some of the larger DMP companies will charge upfront fees for IVA's, even if you have been with them for a while, and even a "transfer fee". I don't know, in fairness, whether GP do that or not, but if they do then I would say you should run a mile and find someone who won't charge to look at it. If not accepted then fine, stay on your DMP or consider other alternatives, if accepted then you have the legal guarantees you need, but, either way, at least you will risk (or pay) nothing to find out.

Hope this helps.

Regards.

I did a DMP with one firm, and then changed for the IVA. I had no problems with that and do recommend that you speak to several companies via the link that Tina posted.

The advice is free and impartial.

Hi
I think it wouuld be unfair for GP to charge you a further fee, as Mike states, if you have already paid fees to them when setting up the DMP. Check with GP on this point and if they don't then you may be best to stick with them as they will have most of the info already to hand that they need.
Regards

You could propose an IVA and remain with GP until it is approved. Therefore you have nothing to lose and many firms will opreate on a no win no fee situation and in the unlikely event your IVA is rejected you are no worse off.

If you're looking to change to an IVA I would think the choice as to which firm to use should be based only on your judgment as to which firm will do the very best job for you.

Five years is a lot less than the expected duration of your DMP but still a very long time to be stuck with an IVA company you dont rate highly.