creditors

[Lisa2009]

A company called Cabot financial bought one of the debts some time after the iva was agreed. Are they known for accepting payment early or could they refuse it do you think?
Another one of the debts was sold to i think was Max Recovery or Eversheds

[MelanieGiles]

Debt purchasing companies are just looking to make a profit on their investment, so you should have no problem in persuading them to accept an early settlement.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Lisa2009]

Sorry pestering again
Other 2 creditors are Lloyds TSB and Black horse.. how do they tend to vote on settling early?

[MelanieGiles]

They are generally pretty commercial, so long as you are putting best deal on the table. Both firms are represented by KPMG who have an excellent team of people, who will look at each case carefully to ensure the best deal is being offered to their clients.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Lisa2009]

Thank you, i shall now shut up, nurse my headache and leave you in peace

[catullus]

I can help you with the 3% thingy (good technical term).

It's actually what it says on the tin ie the dividend if there was no equity (16941 -15000 /60000)

Not sure what the relevence of that figure is though!!

[Lisa2009]

Ok Catullus im lost now sorry haha
How come the other creditors will get 28% which the 15000 equity is accounted in and the last creditor gets 3%?
I just dont get it. Sorry if i seem thick.
Does it mean the equity is being used up on the biggest debt and theres none left for the really small debt?

[MelanieGiles]

Thanks too Catallus - I can see clearly now!!

But what a nonsense to show that statistic in a report! Skint - don't worry this does not affect you, your IP is merely showing the difference of the return to creditors whether your property was included or not.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Lisa2009]

KMPG represent Lloyds and Black Horse......Would that be classed as 1 vote or 2? if money was owed to both.
If its 1 then perhaps there is a good chance of my offer being accepted

[MelanieGiles]

Two votes - but I don't think you have much to worry about.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi Skint
Most of your monthly payments are going in IP fees.
The 3% quoted is the amount that your creditors are getting from your monthly payment !!!
I think that your creditors will accept your offer because they will not see a penny for at least another year.
Could you have raised the 15k at the start of your IVA,if asked to ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Lisa2009]

Thanks Andy
Possibly yes i could have raised £15000 at the beginning but dont actuall remember if i was asked to as it was 3 years ago and just wanted SOME sollution.
I just hope now they dont refuse and either ask for more or wait till year 4 because i cant possibly see this situation getting any better and based on the affordability and interest rates i dont think there would be a chance of raising more even if the equity is higher.