www.iva.co.uk

I have been on a debt management plan for the last 12 months, but hate the thought of it hanging over me for the next 10 - 15 years or so. I am considering an IVA - have you any advice or recommendations for the best people to chose to help me. I am currently with Harrington Brooks for my DMP

Hi clareboo. When I joined the forum I was advised to take a look at www.iva.com and the reviews on IP companies. It is best to either ring or email a few to see who you feel most confident with.
I am with McCambridge Duffy and have had no problems throughout the application stage. You really need to make the decision for yourself though as you will be working with them for 5 years so need to feel comfortable with them.
I preferred an IVA as I wanted to be protected from creditors and at least I know in 5 years I will have paid them all off.
Good luck and let us know how you get on.

That's a long old DMP. An via is defo worth looking into. Good luck x

Harrington Brooks are also insolvency practitioners. Did they not suggest an IVA to you at the time you started your DMP?

I have just had a look at the list of Insolency Practitioners on the iva.com website & can't see Harrington Brooks on there. Should I be worried about this? [?]

I havent had any problems with them so far & thought it would be a bit easier as they already have my financial information like income & expenditure etc.

There are so many people on that list I dont know where to start!!! [:0]

Also can anyone advice me what to do about a bank account. I know I will need to get a new one which is fine, but which banks offer an account I would be able to get with my poor credit rating???

It's tough to know where to start I would have a look at who people seem to be happy with. As far as I can see on here some of the highly recommended ones seem to be Melanie Giles (who had commented above), McCambridge Duffy, so many more, can't remember all the names, I'm with Payplan and have been very happy with the service so far.

However you have to find who is right for you and you feel you can have a good relationship with over the length of time. I went with mine as I'm self employed and they have a dept specially set up for this and they totally understood my special circumstances. Ring a few and talk with them the time spent doing this will be worthwhile, you'll get a good feel for the company.

Co op cashminder is a good basic account,provided they are not a creditor.

What's changed in the last 12 months that makes an iva more attractive than it was?

Paul

Hi Paul,

Thanks for your reply.

An IVA was never really discussed with me at the time I took on my DMP, but after having looked into it more it seems like the better option for me to be able to make a fresh start - I dont think I will ever get that on my DMP

Hi claire & welcome from me x

I remember being in your situation in the beginning & weighing up the odds between DMP taking 10+ years Vs the IVA 5 year plan. I could of taken the Bankruptcy route with having no assets, but I wanted to pay what I could back.

I know you have your DMP with Harrington Brooks & yes they do provide IVAs too, but its always advisable to shop around first. Please take a look at www.iva.com for a list of reputable IPs/IVA companies with customer reviews, pick 2-3 that you like the look of & give them all a ring for some free impartial advise on your situation.

Let us know how you get on x

Hi
We are also with McCambridge Duffy and they have been tremendous. We had a very smooth Creditors meeting and they are always at the end of aphone to help you.
WE would highly recommend them...[:)]

I think Harrington Brooks are fine but I would advise speaking to one or two more companies. The advise is free and you may find a company that you feel happier with.

Well I spoke to Harrington Brooks & they were really helpful. They actually rang me out of the blue to check how I was getting on with my DMP & I mentioned I was thinking about an IVA & the adviser was so knowledgeable. He made me feel really comfortable that I had made the right choice. He even recommended a bank account with Natwest that I could open!

He said he couldnt forsee any real problems with me switching to an IVA but that is really down to my creditors at the end of the day. He also said I woul probably have to do a stepped IVA as I have car finance which finishes in 2 1/2 years & they would expect me to put this extra cash to it, but I am fine with that!

I feel much more positive now, and can actually see an end to my debt problems!!

Excellent news clareboo - good luck with the application and let us know how things are going.

So pleased to here that! You sound more positive now. As Jan says let us know how it goes.

Good luck Clareboo, do let us know how you get on x