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hi all,just starting out have spoken to three companies,debt matters,payplan and grosvenor partnership.have £81k of unsecured debt available income £500.i feel at the crossroads at the moment in who to choose,is it down to gut instinct or as i have looked at recommends GP seem the best bet any advice?when completing my details,circumstances etc, debt matters has the flashiest brouchure,and GP is set up on a spreadsheet that is difficult to use,how do you know who to trust/costings etc.Also i have a mbna and abbey credit card debt totalling £1`6k of the debt and after reading on the site about mbna i am concerned

Hi eeun

You have to go with your instincts on this, but I personally would choose the firm you feel is the most professional and will act in your best interests.

Why not visit my blog, as I have recently posted an article there giving guidance points and questions to act potential advisers. And any of the experts on this site would be more than happy to give you a fourth opinion to be sure.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hello eeun

Welcome to the forum, read your post with interest and I will make the same reply to you as I have on numerous previous occassions. Look around at what`s available to you here, I have been in this industry for many years and am suprised at how many companies have suddenly materialised all wanting to be the answer to our problems. I must say this again but go back only a couple of years and I had never heard of them, whilst I am not saying that there aren`t some good people out there it begs the question why do you think they are suddenly out there? Are they here giving up their time to help and advise people that need it, probably not, do they conduct personal one on one appointments probably not. My guess is we are merely statistics to them and they probably won`t lose too much sleep over not getting proposals accepted. In my opinion I would run with an experienced Insolvency Practitioner whose success rate is very good and who will actually get the work done for you. In my years in this industry the best IP I have encountered has alresdy been in touch with you via this forum.As for companies having flashy brochures thats not what we should be concerned with it`s working with the right people not gimmicks. Hope this helps-Tony.

Hi eeun

I have a similar level of debt to you and am in the process of sorting out my IVA. This forum has provided me with excellent advice and I am currently dealing with both Melanie for the IVA and Tony who is getting me a much better rate on my mortgage than my existing lender is prepared to offer. I have had long conversations with both and have felt very reassured that I am in the right hands. There are a number of companies springing up with flash brochures, constant TV and press advertising and "promises" that you will be debt free in 5 years. This doesn't tell the full story. Marketing costs have to be paid for some way and some companies get you to start paying to them in lieu of IVA acceptance. However if it is rejected you rarely see any money returned as this will cover costs incurred. This gives them less incentive to work hard towards the IVA being accepted.

Reading between the lines it seems that the creditors are getting fed up with these mass-market companies. My advice would be to visit Melanie's website and fill in the IVA enquiry form. As regards MBNA they are tending to vote no at the moment but if your debt with them is less than 25% as long as the others vote yes it wouldn't be a problem. Also worth noting that Melanie is to have a meeting with the head of decision making at MBNA this month. I think I also read she had a meeting with Northern Rock this week as well. A sign of an IP who looks to build relationships with the decision makers and gets an understanding of their criteria so that proposals are more likely to be accepted.

Good luck with your decision

Dave

Hi eeun, although my IVA has failed (a long story) I can recommend Accuma. They post on this site and my IP has been very helpful and understanding of my situation.

Good luck with your decision.

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/