IVA Review: Sasha on Tudor Kirk Insolvency (1197 views)

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Review of: Tudor Kirk Insolvency

Review date: 08 July 2011

Insolvency Practitioner who handled case: Not Known

I proceeded as far along as: Free Advice

The solution I opted for in the end: IVA

Speed of response

No of days to make a decision after I spoke to IVA company: 7 days

Weeks to IVA proposal after decision made: 2 weeks

Weeks to IVA accepted/rejected after decision made: 5 weeks


IVA Company Ratings
Their debt solutions expertise:	10 out of 10
Their customer service:	10 out of 10
Their speed of response:	10 out of 10
Overall Company Rating:	10 out of 10

Insolvency Practitioner Ratings
The quality of IVA proposal:	10 out of 10
Overall Insolvency Practitioner Rating:	10 out of 10

My circumstances:

47 year old senior manager. I had 53k debt accumulated on credit cards and have a property with very little equity.I have had credit cards for more than 15 years, always paid on time and had an excellent credit score which led me to being offered 0% balance transfers and unsolicited credit increases. I took advantage of this to invest in our home safe in the knowledge that rising house prices and our rising equity would repay the debt when we sold. Unfortunately the credit cruch came along and shattered that plan. The credit card companies who up until 6 months ago were offering me 0% balances started to increase my rate to 30% even though I had never defaulted on a payment. This pushed my repayments from £350 to £1100.

My interaction with the company:

I came across Tudorkirk indirectly. I was checking my credit report to see why my credit card rates of interest were being increased despite me never defaulting and saw that my rating was now poor due to the multiple debts I had. I contacted Credit Expert and on hearing my situation they transferred my call to Kerry at Tudor Kirk. From the minute I spoke to Kerry I knerw I was talking to the right person, she understood my situation was non judgemental and had a very caring and supportive approach. She gave me the confidence to do what I knew needed to be done otherwise I was facing paying debt back at inflated rates of interest for the next 20+ years. It was by no means an easy decision to opt for an IVA but I felt confident to proceed with it as I trusted Kerry and the advice that she gave and having someone to broker between me and my creditors was a huge relief. The scariest part for me was cancelling all of my direct debits as unlike a lot of people I hadnt defaulted but was borrowing off Peter to pay Paul and I knew once I cancelled than my creditors would start chasing me. Again Kerry told me how to deal with this and was there for advice if I needed it. In reality it was actually ok as when my creditors rang I politely told them I was seeking an IVA gave them Tudor Kirks details and they stopped calling me. I couldnt have done this if I hadnt had their support. My IVA was accepted and I am so glad that my call went through to Kerry as I am now back in control of my finances and have an eventual and realistic debt free goal.

Why I gave the ratings I did:

I rated 10 out of 10 as everyome I encountered in the company was professional, supportive and I felt really had my interests at heart.

One thing they did - which really impressed me:

I had read many internet posts about IVAs before talking to Kerry and the reason I hadnt pursued one was that a lot of people said they were struggling financially because their living allowance had been set quite tightly by their Insolvency Practioner. On my first phone call with Kerry she went through an Income and Expenditure budget with me and very quickly worked out what I could afford into an IVA. She looked very carefully at my familys individual circumstances and agreed a budget that was fair to my creditors and left us with a living allowance that enables us to still have a reasonable quality of life.

One thing they did - which I felt could be improved:

Nothing - service was great

Other points

IVA has recently been approved with a payment of £450 per month and a dividend of 34p in the pound.

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Review from Sasha (1197 views)

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