Has anyone here been refused a IVA, and if so which creditors were particularly difficult?
I know HSBC were one and luckily we have transferred a card balance from them recently.
We have in the last month revolved our credit card debt (again!) so all currently on low or no interest for next 6 months.
Would we be better to sit tight for 3-6 mths, continue payments (with family help) and then try for a IVA.
We can hold our debt at its current level until the interest free period ends and at least we will have paid another few payments, possibly putting us in a stronger position with some creditors.
Our creditors are Natwest, M & S, MBNA, Blackhorse and littlewoods.
Any advice would be gratefully received,
Desperately need to qualify for IVA.
7 down 53 to go
The pedal uphill may be hard but remember once you reach the top you can take your feet off and freewheel all the way down!!!
I haven't been redused, but I know that HSBC are one of the banks that likes to see a higher return in their dividends and sometimes can be the cause of an IVA being not approved.
However...do not panic - your IP would not put together a case for an IVA if they did not think it would get through the creditors meeting!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I know this is really hard for you at the moment but you really need the advice of an insolvency practitioner. I believe you have been in touch with Melanie's office. What did they recommend? They wouldn't put an IVA forward if they didn't think it would be approved. By the way, I think it's really bad that B&E told you to tranfer your credit card balance to another card. There will be a way forward for you and if you stick with Melanie, you will be in good hands. X
Each IVA is different, creditors vote differently all the time. Lloyds TSB were one of my smallest creditors and they were the only ones who voted no.
If you're dealing with Melanie's office, then you are in good hands as Viki says.
Give them a ring again and tell them your concerns
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Visit www.iva.com who list and comment on various IP's. Good luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Where Black Horse have an influencing vote - ie they are owed more than 25% of the overall debt, and their loan is over £7,500 or under 12 months old, they have a policy of rejection. I looked at your case on Friday, and this is the reason why I did not feel it was viable as an IVA. Hopefully Tina did convey this information back to you before close of business.
Other IPs may well have differing views or experiences to share with you.
Melanie, I have since checked through the paperwork for my Blackhorse loan and it was only for £15,000 and not £20,000 as I originally told Tina therefore does not constitute 25% of our overall debt.
Not sure if this makes a difference. Will chat it through with Tina again tomorrow.
7 down 53 to go
The pedal uphill may be hard but remember once you reach the top you can take your feet off and freewheel all the way down!!!
If this is the case Billy, then an IVA is back on track for you - subject to you getting an account balance from Black Horse. Don't forget that you have to do the calculation in individual estates and not a combined estate.
Thankyou for your kindness and taking the time to post with your support, all the messages received over the weekend have helped me get through a bleak few days.
I certainly will be a regular poster, I will be a regular user of this website/forum for the next few years whatever solution we work out.
My husband and I have been together for 8 years, we started with 40K of combined debt ( 20k each from previous relationships) which built up following paying for IVF treatment, time off for a difficult pregnancy and loss of income during maternity leave. To top this off we now have high childcare costs (£700 a month) as my mum was going to look after the baby but could not when it came to it.
We always thought we would get on top of this problem but it just got worse and worse, to anyone out there reading this, GET HELP NOW, don,t get to the point we are at, the minute you are struggling, STOP.
All is not bleak, our angel was born 11 weeks premature and today she celebtrated her 2nd birthday, we had a little party at home, with a cake and just a few small pressies, she was happy.
That is true happiness.
7 down 53 to go
The pedal uphill may be hard but remember once you reach the top you can take your feet off and freewheel all the way down!!!
Ah Jayne, that's lovely. You're totally right, that is true happiness. Happy birthday to your little girl. Don't worry, you'll get through this and everyone here is going to support you. [:)] X
Whilst all your debt is on interest free cards at the momentAND you are making payments to them, they could start being awkward if you wait to end of interest free period and then propose an IVA. Give Melanie's firm (or other other reputable IVA providers- visit www.IVA.com) the full facts and details of your total household income & expenditure. It maybe betterto propose one earlier rather than later. Good luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
