Anyone know if this company is legitimate?

[Stressed25]

Hi
I am about to get an IVA to sort my debts out. Im with a company called Nationwide Partners. They seem good. They have been on 3 way calls with myself and local council and housing association to give them permission to sort things out
As its getting closer to actually doing the IVA im anxious are they legit? Has anyone had dealings with them? Would really be greatful for advice.

The Trust Pilot reviews are variable. Do they charge for their services? Have you tried Step Change or CAP? They have great reputations and are both free.

The Trust Pilot reviews are variable. Do they charge for their services? Have you tried Step Change or CAP? They have great reputations and are both free.

The mention of a housing association suggests that you rent your home. Which means that an IVA is unlikely to be suitable.

IVAs are often missold because the supervising company makes a lot of money from them.

Have they explained why a debt management plan, debt relief order or bankruptcy isn't more appropriate, because if you rent, one of those is almost always a better option. How much is your debt currently?

Before you commit to anything, I suggest a look at the MSE forum. You need advice on putting together a sustainable budget that will allow you to pay your normal living expenses and have a modest social life etc without using credit.

If you've had a period of robbing Peter to pay Paul, it's likely you've been scrimping on food or other essentials, which isn't necessary while getting out of debt. You need to do it the other way around, pay for essentials, and your creditors get paid with what, if anything, is left over.

forums.moneysavingexpert.com/categories/iva-dro

When something doesn't feel right pause take a deep breath and get advice from an organisation that isn't charging you for their time/services.

OP, please please go to Payplan or Stepchange. They will do what a debt management company is doing but for free. They'll guide you to the correct payment plan for you. Do not pay a third party debt management company. You don't need to.

Hi all thank you for all your replies. I am considering all the options mentioned. I do rent from HA. The company im speaking to mentioned that bankruptcy is expensive and it may not be allowed as I have more than £75 left over a month?!

As pps have advised, it's definitely a good idea to get free debt advice from a regulated debt charity eg StepChange, Citizens Advice, Payplan, National Debtline etc to see if there is a more appropriate debt remedy/ if an IVA is right for you.

IVAs may be useful to protect assets (such as a home you own) , but if you don't have assets they are often not suitable. This from Citizens Advice discusses some of the issues: www.citizensadvice.org.uk/about-us/media-centre/press-releases/nearly-gbp50-million-lost-on-fees-for-failed-and-unsuitable-debt-solutions/

I think eg for a Debt Relief Order (much cheaper than bankruptcy) , debts need to be below £50K, assets can't be more than £2k (a car worth less than £4k doesn't need to be included as an asset) and you need less than £75pm disposable income after paying all your regular bills/expenses.

You say you have more than £75pm left over but have you done a full, thorough budget which allocates money for yearly expenses such as yearly insurances, school uniform etc, includes a little for savings (to help you build up a safety net to make future debt issues less likely) etc?

Agree with all @Spinningonthatdizzyedge has said and it sounds like you're conflating two solutions as having more than £75 a month wouldn't stop you from going bankrupt if your debts are unmanageble and you can't pay them off in a reasonable timescale, eg if you have £150 pm available and you are £20k in debt. If you went bankrupt, you would be subject to an income payments order, and would have to pay towards the debt for 3 years.

I've quoted my previous post because you need to look at your budget to make sure it is sustainable and the MSE DRO bankruptcy forum will help you do this.

When people struggle with debt, there's a temptation to cut back on essentials to pay their debt, which is the wrong way to go around the problem, especially if the debt has arisen because you've been using credit because your income doesn't cover your basic essential living costs, rather than enhancing your lifestyle beyond what's affordable.

To get out of debt, you need to set a sustainable budget, which means you can buy sufficient food, other essentials like toiletries and cleaning products and other sundries like batteries and shoe laces from time to time as well as paying all your bills and even having a modest social life. Then you use what's left to pay your debts.

If you rent, your best solution will almost certainly be one of a debt management plan, a DRO or bankruptcy, depending on the amount of your debt, your surplus and how long it looks like it will take to pay off your debt, also if you expect any change in circumstances such as a promotion at work or reduction in childcare costs.

But if it looks like a debt management plan will take more than around 5-6 years to pay your debts off and you don't foresee a significant improvement in your finances, that's when a DRO or bankruptcy would be recommended.

As a non homeowner, an IVA would only be recommended if you are in one of a minority of professions where you couldn't do your job if you were bankrupt, but these are quite rare and if this applies, your employer, union or professional body will probably be able to give you access to free advice and support in relation to getting out of debt.

Nationwide Partners are almost certainly pushing you down the IVA route because they make thousands of pounds from you doing this.

I think you ought to speak to step change for independent advice - they're a specialist charity for debt help
https://www.stepchange.org/