Review from nursejojo (1553 views)
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|Review of: IVA Advice Company|
|Review date: 26 March 2008|
|Insolvency Practitioner who handled case: Melanie Giles|
|I proceeded as far along as: Accepted IVA|
|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: 14 days|
|Weeks to IVA proposal after decision made: 4 weeks|
|Weeks to IVA accepted/rejected after decision made: 4 weeks|
|IVA Company Ratings|
|Their debt solutions expertise:||9 out of 10|
|Their customer service:||9 out of 10|
|Their speed of response:||7 out of 10|
|Overall Company Rating:||10 out of 10|
|Insolvency Practitioner Ratings|
|The quality of IVA proposal:||8 out of 10|
|Overall Insolvency Practitioner Rating:||10 out of 10|
|I am a nurse living in hull. I had £81k of debt consisting of loans, credit cards and store cards. The largest of debt been £20k to northern rock as part of the together mortgage and another £20k as a bank loan. The other part of my debts were £5k on several different cards so nthe amounts added up. I have £10k of equity in my property, which will be used in my final year of the IVA if the equity is still in the property.|
|My interaction with the company:|
|There was quite a bit of interaction with the IVA company as Northern rock was having difficulties and were not really considering IVAs at that point so my IVA company had to set out a mini proposal 1st for NR to have a look at and see whether they would agree or not, but made no promises and decision untill my IVA creditors meeting. This did take several weeks to sort out, but i was patient and Melanie was very good at reasurring me that she would still do an IVA proposal and i had to wait and see what happened on the day. They were propmt at sending the forms out and kept me informed on the progress with NR and other issues. There were some chenges at the creditors meeting, but none that affected me, the payments i had agreed to stayed the same it was more to do with IVA companies fees. Which comes out of the IVA payments you make, you dont have to pay them aswell as the IVA payments. You go through an expenditure form which you have to be honest about or your IVA will end up failling, as you wont have the money to live on. Melanie went through all this with me, obviosly we all spend more money on food and luxuries, but you do have to budget better, and have treats now and again instaed of all the time. All the staff are very friendly when talking on the telephone and guide you in the right direction. It took up a lot of courage to admit i was in so much debt, but i did and i am so glad i did, as i don;t wheree id be right now, prob homeless with nothing to my name. So i am very grateful to the company and there staff for enabling me to start the IVA and get my life back on track. 6 years is a long time but it will be well worth it once completed.|
|Why I gave the ratings I did:|
|I gave them the ratings i did because i feel they are a good company and have a really good working team of staff, who without them this wouldnt have been possiable and i would of been taken to court and made bankrupt.|
|One thing they did - which really impressed me:|
|they challenged Northern rock and put a proposal together even though they knew that NR were having financial difficulties and there was a very high chance that they would not accept my proposal. They would have lost out as they dont charge you fees if the IVA is not accepted. Also that the fees are included in the IVA you dont have to pay them seprately, I read elsewhere that people had paid several thousands of pounds upfront and the companys never give them their money back.|
|One thing they did - which I felt could be improved:|
|One thing that could have been improved was probably the time it took to gat my IVA set up, but this wasnt an actual fault on their behalf. it was to do with Northern rock and waiting to see what was going to happen to them as a company. If i hadnt of had NR as i of my creditors I am sure my IVA would of benn dealt with promptly and completed sooner.|
|I have learnt to save for things i want, not to buy things just cos i want them to think do i really need this item etc. To try and resolve the problem sooner and not be affraid to hold my hands up and say i have a problem. I will never have another credit card or large loan ever again!! I did do an IVA and My total debts were £81K, to which i earn £1800, Including payments from my lodger of £400 per month. I am paying £460 into my IVA, giving a dividend of £0.43p in the £. I am doing the IVA for 6 years with an equity release clause in the final year. altogether writing off about £46k.|
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I was very impressed by Melanie. Not a lot of sympathy but never judgemental, just straight talking....
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