www.iva.co.uk

I have been speaking to two companies regarding debts of £62,500 which has accumulated because I gave personal guarantees on 2 overdrafts which Natwest have called in and are now threatening to put a charge over my house.

The first company gave me 2 options an IVA and a DMP. One wanted a fee up front which I had advice not to enter in to by the other company the second company just want me to do an IVA. and the first company are saying the second company should offer me a DMP aswell as they can not guarantee an IVA. The first company take money up front so that if the IVA is not accepted they already have the DMP in place.

I am receiving so many phone calls its giving me a headache, i could scream. I think companies are playing against each other and I dont know who is genuinely trying to advice me or just want to take their cut out of my payments.

I really need some advice and recommendations from someone who is impartial and not about to make a profit from my cirucmstances. Is either company being honest with me.

Can you help please.

Jane Smith

With debts of that ammount, a DMP would probably take longer to pay, assuming all creditors froze interest.
Why not give another company a call aswell. If you havent already done so, take a look at www.iva.com for a list of companies and reviews on each. Ask as many questions as you need to, the initial advice is free.

Hi and welcome to the forum. How muchcan you afford to pay each month??

Oh and dont worry about companies playing off against one another.

Paul

I would try another company to be honest - it does not seem that either firm has given you full and rounded advice. If all of the debt is with one creditor, and IVA may not be the best solution for you or the creditors - and it might be better you just try to negotiate directly with Nat West. One of my clients recently go a £50,000 guarantee liability reduced to £5,000 by another leading bank, so it is worth a try as banks do want to get rid of as much toxic debt from their balance sheets as they can right now.

Hi, it is frightening when choosing a IP,a big decision. we had our IVA accepted in Feb & went with Mel Giles who answered you above. there is a link you can go to& check feed back www.iva.com/iva hope that helps you.

I agree with Mel, I would be wary of any company that was trying to compete in such a way, the service they provide should be in the best interests of you and also the creditors, therefore should be even handed.

I was lucky even though I didn't shop around as I hadn't found this forum yet I landed on my feet with a great company - well so far!

Have you looked at the recommended companies by people on the forum? It shouldn't be made harder by companies who are supposed to be helping you instead are hassling you!

Hi Janed123

Speaking from experience I would recommened speaking to Michael Peoples and/or Melanie Giles, both post on here and both are highly respected (as are all the other professionals who post on here but I cannot comment on as I have not had any dealings with )

Hope this helps

Hi Janes123 - you've come to the right place to get some clarity on the whole thing - its confusing isn't it when different companies tell you different things. I would agree with the others - speak to another cpmpany or two - don't make any decisions until you feel completely clear and confident of a way forward.

Regards,

I agree with wuffy -- and, if I hadn't found the forum too late, would have happily gone with either.

I agree with Wuffy. Alas, it was too late for me

Hi, as the others said above, visit the IVA.com site and look at the reviews on there for some of the companies. I personally have gone with Cleardebt and i've got no complaints - their service was great. But My IVA was fairly straightfoward - no property, single etc.

Thank you all, my head is spinning at the moment. I think i know where I am going now. Its nice to know there are other people out there I felt so on my own. Its not something you can discuss with someone who hasnt been there so thank you.

hi, we've all felt like you,you are not alone,hug. only my parents know & a friend &his wife, we wouldn't want anyone else to know.

check the link and post if you want feedback from people who might have used the IP.

Jane123,hi, how are you doing?

Janed123 - hope we haven't frightened you off!! I decided to go with McCambridge Duffy mainly because when I spoke to Michael he put me at ease straight away. I know he isn't my IP but it helped me to make the decision as I knew that they have my best interests at heart.