www.iva.co.uk

I have accumulated approx £70k of debt and am investing an IVA with Synergy who have said I should pay £680 a month which will be very tight for me. I would like to know whether bankruptcy would be a better option for me as I have no assets?

Dear FM

I would advise you NOT to enter an IVA with Synergi due to various members on this site having been ripped off by Synergi. Please search the archives for past threads on Synergi. I would recommend that you use one of the IVA companies on this site as they are all recommended.

Good luck

i totaly agree,i hope you havnt parted with any money.Please read scaredkez blog,before you make any commitment with this firm,or and cocos blog.These are just to posters that have had dealings with this company,im not trying to scare you,just give you some idea what they are like.
Goodluck

I will do - I have stopped it immediately thank you to you and the others who have responded so quickly. Can you recommend how best to approach banktuptcy?

batawi3 wrote:

Dear FM

I would advise you NOT to enter an IVA with Synergi due to various members on this site having been ripped off by Synergi. Please search the archives for past threads on Synergi. I would recommend that you use one of the IVA companies on this site as they are all recommended.

Good luck

Hi missk
Bankruptcy may be a solution but you really need to talk everything over with someone who can give you the best impartial advice. Try contacting one of the companys who post on this forum and as others have said I would stay away from Synergy there are so many negative posts about them on here. Good luck
Sue

Hi Missk, I'm glad you haven't parted with any money to Synergi! I would recommend you talk to some of the companies who post on this site to dicuss your options. If you have no assets then BR is definitely an option for you, but you will be asked by the judge if you have received any professional advice re BR and if you say no they may well refuse the application. This would also mean that you would lose your fees - great system!

Onwards and upwards!!!

View my blog at http://skippy13.blogs.iva.co.uk/

Hi missk
You can opt for bankruptcy but you may have to pay your disposible income into it for three years.
Can you post some more details such as total debts,creditors,and actual disposible income left over if you do not pay any creditors.
We can then advise you
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

In BR you only pay a percentage of your disposable income into an IPA (Income Payment Agreement) rather than all of it. I am paying £186 from a disposable income of £311.

Onwards and upwards!!!

View my blog at http://skippy13.blogs.iva.co.uk/

Total amount owed £72,937.86 to Egg Card, Egg loans, Mint card, Nat West loan, NW overdraft,Alliance & Leicester and Halifax
My total monthly outgoings including rent, but before repayment to any of my creditors is approximately £1200 p/month.
Monthly repayments to creditors amount to approx £2000 on top of the above, which needless to say is impossible for me.
Help.

andydavie wrote:

Hi missk
You can opt for bankruptcy but you may have to pay your disposible income into it for three years.
Can you post some more details such as total debts,creditors,and actual disposible income left over if you do not pay any creditors.
We can then advise you
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

miss K, Synergy has received negative reviews lately. Conact, CAB and CCCs for professional impartial advice.

Good luck.

All I have left is my humour.

Hi
What is your net income per month ?
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Net, it's £1770 per month - it was a lot higher but now not going to change, hence the drastic consequences.

andydavie wrote:

Hi
What is your net income per month ?
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Hi
So your disposible income is £570 per month,however you need to make sure that you have included everything such as car repairs,dentist,etc etc.
On a debt of 72k a disposible income of ,say, £500 would generate a dividend of just over 30p in the £1,you will need to take make sure that none of your credit cards are ultimatly owned by MBNA as they seem to have a minimum criterea of 40-45p in the £
How did Synergi end up with a disposible income of £680,or is this the figure that they said you would HAVE to pay ??
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Synergy said that would be the minimum I would be expected to pay and when i explained this would be tight. No, none of the creditors are MBNA related.

MissK, I am with a company called FA SIMMS & Co and they are really good, you can call them for free impartial advice if you wish. I wont post their number in case it is not allowed but a quick call to directory enquiries should do the job, they are based in leicestershire. If you do have some disposable income then maybe an IVA would be good for you, however if you have no assets then as advised by one of the FM's, maybe BR would be another option