Help please!!

[stella]

I am proposing an IVA and am just waiting for my proposals to be sent to me by my IP and having read about Black Horse on your site and panicked, thought I would ask some advice. I have Black Horse as a creditor, they are not one of my main creditors but owe them in the region of £9000. Unfortunately both loans were taken out in the last 12 months and wondered how this would affect my proposed IVA. Help please!!

[DebtDummy]

Hello Stella and welcome. Blackhorse frightens alot of the forum members. All I can say is read the posts by gemma (memory may be bad here) and scaredkez. Gemma had a loan from Lloydds for less than a year and her IVA was accepted. Kez had her's for less than a year as well and her's was rejected.

Sorry, I could not be of more help. Each IVA although is similiar in deciding a ratio, and months spent under one, equity release, etc.,but very different in regards to the creditors attitudes towards the individual debtor's case.

Calm down. Someone will be here with more insight shortly.

Good luck!!

All I have left is my humour.

[Oliver]

What percentage of your total debt do blackhorse hold?!!



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[stella]

I have total debts of (I am unsure as to the correct amount due to interest etc)c£90k (wish I didn't!)and my main creditors are Barclays (the majority) as I have bank accounts and loans with them and Egg, then a Lloyds TSB card and lots of other smaller loans and cards, so I am not really sure of the percentage. Hope you can help, sick to the back teeth of it all!

Thanks[:u]

[jamesfalla]

Hi Stella

From what you have said, there is no reason for you to be concerned. It is true that Black Horse does not like accepting IVAs particularly if the loan is less than 12 months old. However, in your case, even if they reject your IVA proposal, there is still every chance that the IVA will be accepted.

This is because, to get an IVA accepted, you need a majority of 75% of the value of the creditors who vote to say yes. Even if Black Horse say no, they are only 10% of the creditors. As such, the remaining creditors can accept the IVA and it will stand.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk

[stella]

Thank you very much for your advice it's very welcome and I'm glad to know there are people out there trying to help! I will now get back to my knitting, which I have just taken up again and find it very therapeutic! Takes your mind off things for a while!!

[:)]

[Oliver]

James is right. The worry would be if Blackhorse held more than 25% of your debt as then they would be in a position to decline your proposal on their vote only.

In your instance there is every chance that as long as your proposal offers as much money as you can, at least 25p in the £, and it puts the creditors in a better position than bankruptcy, that the other creditors will agree and outvote Blackhorse.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp