www.iva.co.uk

Hi,

Well a couple of weeks ago I had my first annual review and all I can say is Grant Thornton are excellent. I sent off all my documents and 2 weeks later I had a letter saying everything was fine and my payments would stay the same. It was painless!! I had worked myself up for nothing, I cannot believe where this last year has gone. There has been some hard times and adjusting to the new way of spending money has been hard but looking back it is well worth it and knowing that I have not built up anymore debt is really rewarding. An IVA is not for everybody but it has given me a new lease of life and to know in the future that I have got a 2nd chance. Thanks to everybody that has helped me especially Grant Thornton.

Good news Tracey - glad the review went well and nice to see a positive post for GT.

Good News Tracey -- here's to the next 12 months :0)

I am sure the next 12 months will fly along as fast. Review time can be stressful but usually there is little or no change to payments unless you get a significant pay rise.

Paul

Glad it was ok for you - it doesn't matter how many annual reviews you have - until you have the letter saying no change you do worry !

So pleased. Yes, GT are wonderful.

they was a right pain when i was appying for iva and working for the creditors.
they pushed my payment up £30 when my meeting was called.
what i cant understand is how a company can be both creditors ip and debtors ip.
if an ip can explain how this scenario can exist it would explain a lot to me.
i know im with payplan who are partly funded by creditors but even this i find hard to work out.
tracey im glad you are sorted and it is the best thing you could have done
[:D]

That is something I didn't understand myself. We are with GT and they are representing two of my creditors. Wonder if they will vote yes?!?

As regards your IVA back on track - Payplan are not funded by your creditors, it is only in a DMP that the creditors fund it.

back on track wrote:

they was a right pain when i was appying for iva and working for the creditors.
they pushed my payment up £30 when my meeting was called.
what i cant understand is how a company can be both creditors ip and debtors ip.
if an ip can explain how this scenario can exist it would explain a lot to me.
i know im with payplan who are partly funded by creditors but even this i find hard to work out.
tracey im glad you are sorted and it is the best thing you could have done
[:D]

My take on the points highlighted above:

The IP starts work as your nominee, and is soley working for you at this stage to assist you in preparing a decent proposal. Once the proposal has been accepted he / she becomes the Supervisor of the arrangement and is, in effect, an "honest broker" between the parties ( more of a referee I guess). Technically the proposal is yours, not the IP's and the work to keep to the arrangement is also yours. It is your job to keep the IVA running smoothly. The IP will assist in a supervisory capacity, to see that 1) You don't get into difficulties, and 2) Your creditors get what they agreed to in the proposal.

Funding / fees: These are agreed with the creditors and, in an IVA, come out of your monthly payment, so the creditors are "giving up" a share of the repayment to the IP (typically 15%) in exchange for him / her acting as Supervisor and administering the IVA process. I believe, in a DMP the creditors "donate" a sum back from the amounts recovered ( but basically the same result).

I agree. I started out with Debtmatters who were dreadful, but then they "sold their book" and I was with Grant Thornton. All I can say is that nothing was too much for them. They were realistic about the state of the economoy and its effect on people. I think it helped that when I got my bonus, I gave them the money as soon as I could rather than stashing it and waiting till it was time to submit my new finances.

Good luck. I offered a F&F 2 years ago and it was accepted and I've never looked back. Luckily my parents lent me the money and I'm stil paying them back but they know they'll get it all back.