Proposal

[Wizzard]

Help required please [:D]

I am now into my second month in chasing an IVA and on the 25th I will have to pay a further £160 to the company I'm dealing with. I ring them every week and every week they tell me I will soon receive a Proposal through the post. I am still waiting. Can anyone tell me how long it actually takes to raise a Proposal. At the moment I'm £320 down and all I have to show for it is a string of irate creditors who all tell me they have not been contacted by the company I'm dealing with. I'm beginning to feel this was all a BIG mistake.

[kallis3]

Who have you been dealing with? This should have been sorted out by now. I have my creditors meeting on Monday and have not paid anything to anyone this month on the advise of my IP

[Wizzard]

I'd rather not say who the company is at this time but they also advised me to pay no one at the moment kallis3. My worry is this IVA will fail, I'll be £320 down and will still have to catch up on missed payments. If it all goes t*ts up I will be naming and shaming, I don't think the way they have gone about things is very ethical especially after reading the many posts on this forum, or maybe I'm expecting to much.

[kallis3]

Hi,

If you have been advised not to pay anyone, why is your company asking for money? Have you been in debt management with them? As they are dragging their heels over your proposal, have you not thought of changing at all?

We were originally with another company doing debt management as we were told we couldn't do an IVA. We did that for about 18 months, then phoned Payplan and they immediately put us forward and we have our meeting on Monday. It has taken a matter of weeks and not months.

[Wizzard]

Hi Kallis
This is all pretty new to me. I only wish I'd found this forum before I started but you can't teach old dogs new tricks lol. I'm now in a position where I can't afford to change as monies have already changed hands.

[kallis3]

Hi Ray,

I am sure that you could change. We were in a paid DMP with Hamilton Locke. Good company but it was costing us every month for them to pay our creditors and that money could have been going towards our debt.

When we phoned Payplan, we explained the position, and they said it was not a problem. All we did was cancel our direct debit to Hamilton Locke, phone them and explain what we were doing, then go with Payplan. We have not paid any money since and have not been out of pocket.

Give someone like Payplan a ring. It will cost you nothing and you find it saves you some money and gives you peace of mind.

[Viki.W]

Hey Ray, why don't you call one of the experts that post on this forum, you can get their details from the experts page, it doesn't cost anything for a chat and they may be able to help you.

[Adam Davies]

Hi Ray
I wouldn't pay anything else until you have taken a second or third opinion from another IP or two.
Most IVA providers will only ask for one payment upfront and this will be once they have agreed to act for you.
Regards

[kallis3]

I certainly do think you should do that. We haven't made any payments yet to Payplan as our bank account is a basic cash card account (Nationwide don't trust us enough for a cheque book!) so we couldn't send post dated cheques as requested. Phoned Payplan, and they said it wasn't a problem, and to wait until after the meeting.

[Soulgrowth]

Hi Ray

What a pain for you, this is always a nerve wracking time and, from my own experiences, I have learnt the art of patience!

My IVA took about 3-4 months to sort out but it was a bit complicated at the time by where I lived. But I was never asked to pay any money up front, although I believe that some companies do as a gesture by the debtor to a commitment to the IVA payments.

Different companies work differently so it really would help if you were to let us know what company you have instructed to deal with your IVA as then you will have the benefit of other's experiences as to whether this is usual for that particular company.

With best wishes

Debbie

[MelanieGiles]

£160 is very low for a proposed IVA. Unless you also have low debts, you may struggle to get this accepted.

[emma_t]

Hi Ray

You really have not a ot to lose by taking a second opinion, it is very important to have confidence and trust in the IP you are using.
My iva was all done inside 6 weeks with no upfront fees paid by me and most iva's can be proposed and had a creditors meeting in 6-12 weeks.
I would ve a look on www.iva.com for reviews of the company you are using, but would take free advice on your situation with another firm to make sure you are getting the correct advice

best wishes
Emma x

[Wizzard]

£160 is very low for a proposed IVA. Unless you also have low debts, you may struggle to get this accepted.

It may seem low to you Melanie, but it's 32% of me and my wifes monthly income. My debts total about 25k. I think I'm being taken for a ride and will be worse off than before. I only wish I'd found this site two months ago. To all who have offered advice ... thank you.... and good night [:D]

[emma_t]

Ray

Don't worry too much, just check with the company that you are using what happens to the money you have paid upfront.
If your iva is accepted does it go towards this
If your iva is rejected do you get it back

Also would not harm at all to get a second opinion[:)]

Good night
Emma x

[Soulgrowth]

Ray ... do you have any assets, own your own house etc.?

Have you considered bankruptcy as an option? I would be inclined not to pay this company any more money until you have considered all the options open to you and taken time to decide which is the best.

Remember that we are all here to help, support and talk things through with ... there is a wealth of experience here on the Forum ... both personally from people like myself who have had to seek solutions in addressing their debts and expert advice.

Debbie