getting very stressed at the moment

[richm]

I have been initially approved to progress my IVA, im a littel concerned as like ive read i have northern rock as a creditor and the are a nightmare.
My Credit is broken down like this
Nat west £24k
HSBC £18500
First Direct £4k
Black Horse £17k
Northern Rock £11k
4 Credit Cards £4500
Im just wondering does anyone have any idea of how the above creditors vote!! My IP has said i will be paying 65p in the pound sorry getting very stressed at the moment especially reading how some banks are now rejecting IVA!!!
Any advice would be appreciated

[MelanieGiles]

Hi richm

Norther Rock are not really your problem, as they could be outvoted - but I am afraid Black Horse are! They will most likely reject your IVA proposals given the size of the debt you have with them. I am rather suprised that your IP has not mentioned this to you - Black Horse were one of the first banks to have a rejection policy, and this is widely known in the industry.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[rich0908]

that doesnt sound too good then, i originally didnt think that i would include this as the finance was for my car, however after looking at the agreement i was told it was a personal loan and could be included. its a little frustrating as last year when i tried to sell the car i was told i couldnt unless i paid off the full amount, i didnt think that they could do that if it was just a personal loan? they also had it registered on the HPI site. Does that mean really that there is no chance of me getting an IVA and really should just go down the BR route?

richard m

[MelanieGiles]

Black Horse, or rather garages that use them for finance, often give customers the impression that they are getting a hire purchase agreement rather than an unsecured loan. And then they go an place the vehicle on a HPI listing which is not correct, which can cause difficulties when you come to sell.

I really do feel that your IP ought to bounce this off Black Horse first, as in my experience this will get rejected by both them and Northern Rock. How much is the car actually worth?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[rich0908]

The car is worth approx £11k, My IP (DFD) have told me that i will need to sell it which is fine as that was my intention anyway, when you say that they should contact Black horse first what do you mean? Does it mean that i should start looking now at BR if Black Horse and Northern Rock are going to reject my IVA, or just hope that neither of them actually vote. Now i really am stressing!

richard m

[MelanieGiles]

If I was handling your case, I would ascertain whether Black Horse are going to be mindful to accept a proposal, before I committed to put the whole thing together.

And as you have appointed an IP to act for you, you really should be taking their advice as they may have differing views as to how to approach this difficult creditor. What do they say about the Black Horse debt? And if you are going to sell your car, make sure that the proceeds are offered to all creditors and not just Black Horse who may suggest that they should receive the full sale proceeds.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[rich0908]

They seem reasonably confident from what they are telling me, especially as i will have something after selling the car to put into the pot straight away, however as they mentioned to me there may be modifications when the meeting does take place, they have said that i am paying 55p in the pound £680 per month plus the £10k i get for the car, my only option if this doesnt go through would then be to go bankrupt so i assume that it would then be down to them maybe to argue that they would get more from an IVA than if i go bankrupt. As black horse are part of lloyds does that mean that lloyds are not receptive to IVAs either?

richard m

[MelanieGiles]

Lloyds are very receptive to IVAs - but Black Horse are a separate company with very different criteria. Please keep us informed of your progress with this case - I shall be very interested to learn the outcome.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[rich0908]

I will do although im not feeling very confident now, better start looking into BR as a back up! Its odd that Lloyds are receptive and black horse are not, i know they are separate companies but part of the same group just sounds like a strange situation. It bad on the part of black horse as they actually make it sound like you have HP when in fact it is just a personal loan

richard m