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Hello again and thank you for answering my previous post. I have a question now that has sort of put me in a quandry. As you know I have contacted Abacus Management who have told me I am eligible for an IVA and yesterday received the paperwork. However, yesterday I also had an appointment with the CAB. (This was previously arranged). My question is this. Does anyone have any experience of IVAs through the CAB or is it better to go through an IP? I am unsure and all the time blinking MBNA keep ringing me. Are they supposed to keep ringing me so often. At work on my mobile, at home. Yesterday I must have had about ten calls in one day. The CAB say I have to keep a note of how often they call me. She also recommended that I contact my creditors and tell them of my intention to have a financial assessment and that all payments are to be suspended. Is this correct? Due to the fragile state of my partners mind (see previous post) I am still unable to discuss this with partner and as such we are only applying for an IVA for debts that are in my name. I still feel as if have a massive neon sign above my head informing everyone that I am a failure and rubbish with money. I can't describe it but it feels heavy. I guess my question is. Do I go through with the CAB or with Abacus. I can't meet with the CAB until next week which means more calls from creditors. Yet I have the paperwork here for Abacus. I am really confused.

CAB is the Citizens Advice Bureau and as such do not (as far as I know, and stand to be corrected) arrange IVAs they do however offer some great advice and can point you in the right direction.

Do not rush into anything, remember you are tying yourself in for five years. Do a bit of research now and make sure you are very comfortable with the person / company you are going with.

I know you will have the gut reaction that you just want to get everything signed and started so you can get away from the feelings of failure. But just remember you are not a failure, you are one of the people that want to get on with your life and get your problems sorted out. Take a bit of time, and talk to a few IPs / IVA companies and find one you can trust and deal with.

We hear of so many stories where people do not understand what it is, they are getting into, just because they rushed and did not take the time to read and understand what they were signing up for.


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Hi,
When I went to the CAB they arranged a meeting with my IP (Grant Thornton). The meeting was held at the CAB but apart from that the CAB were not involved. Go with who you feel happiest with. 5 years is a long time.
You are not a faiiure and are taking the first steps to making a fresh start in life.
MBNA were one of my creditors. Now to be fair I did not get that many cals. However when I did I told them I was going for a IVA,told them who I was with and gave them my client no. I told them that I would make a token payment on such a date and for the main part it kept most of my creditors quite.

Hi there

So far as I am aware the CAB, as a public body, are not permitted to make direct referrals of work to Insolvency Practitioners, and their advice is general rather than specific.

Are you happy with the advice provided by the first firm? If not, then it may be better to take a second or third opinion before committing, simply to make sure that you are getting the same advice from each firm.

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

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