help with unsecured debts!

[smunro1970]

Hi there,

Hope someone can help offer me advice. I run my own FSA regulated business and to strealine costs I've taken advice off an Insolvency practitioner. My problem is I have 3 o/s personal loans which total around £20k which cost me around £1,100pm which I'm unable to keep supporting and have fallen behind. I have made this IP company aware of my sensitive position in that as a regulated member of the FSA I need to be careful with what I do. He has told me that what I can do is go back to offer all 3 companies 25p in the pound and in most cases they have to accept this, and if not then we can go back to them to use their services but it will cost more money if they handle it for me. obviously this was great news for me and I have managed to get together my only savings to pay these off as I can't continue with such high payments. I've written to all 3 loan companies (cahoot/barclays/beneficial) with a final offer of 25% of the balance o/s as instructed, but 2 of them have come back with a flat no. I have since looked into this online and gather that you need to go IVA to do this. I cant possibly go IVA in my situation as it could possibly jeopardise me trading becuase of the FSA. Have I been advised wrongly? or is there negotiation/ alternative methods to achieve this. Hope you can help me!!
cheers

Stuart Munro

[mikebdomain]

Hi Stuart and welcome to the forum,

I am sure one of the IVA experts will be along shortly.

An IVA would certainly be frowned upon by the FSA if you are an Approved Person. However, it might well be worth talking to one of the advisors at the Firms contact centre on 0845 606 9966 about it.

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[MelanieGiles]

I am not really clear what advice you have been given, but it seems that it was suggested that you pay them a lump sum of 25p in the £, outside of any formal arrangements, and then they recover the balance by charging you more in the future?

Could you be clearer about the advice you were given, as I am struggling to understand this!

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

[smunro1970]

Hi Melanie,

Thank you for your very quick response! What the IP adviser told me was that I could offer each of the loan companies a lump sum final payment of at least 25% in full and final settlement of the loan. I was told to inform them that my financial situation was not good and that if they weren't to accept my offer then there would be no way that I could offer them any other regular payments. I was to offer each loan company a final payment of at least 25% of the balance o/s on each loan as the final settlement. I received 2 letters from different companies telling me today that they wont accept it. It was then that I looked further online and realised about the IVA situation. I am of course now very concerned about my position.

For your information the company I am talking to are handling the liquidation of a company for me and informally offered this advice.

kind regards

Stuart

[MelanieGiles]

Hi Stuart

I have to say that I am not suprised that your offer has been turned down, as you may not have been talking to people within the banks with influence over the decision making process. Did you provide full details of your financial circumstances when making the offer?

As you say an IVA may not be possible for you given your position as a Financial Advisor, so perhaps you could try a Debt Management Programme instead.

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

[smunro1970]

Hi Melanie,

Once again many thanks for your prompt reply. In my position what would you say is the best move forward? Go back to the Banks or consider something like a Debt management programme?

I wish I had clearer advice like this from the start!

many thanks

Stuart

[MelanieGiles]

Personally I would try both! And could I perhaps recommend Andrew Graveson of Brightoak to you. Andrew is an extremely experienced negotiator, runs a debt management compaby and is also an IFA - so you really get the full package, and will get good, honest advice. Andrew has successfully negotiated settlements for a number of clients I have referred to him over the last few months.

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

[smunro1970]

Hi Melanie,

many thanks for that information, you've been most helpful. I shall try to call your colleague Andrew Graveson.

many thanks
Stuart