If I have unsecured debts

[willalwaysreply]

Okay thanks melanie.

No really the answer I was looking for, some
guidance over the 25% figure quoted.

got the answer from an IP expert last night

Thanks

[willalwaysreply]

Update,
After speaking to an expert IP (not on this board) I rang up to speak to Payplan at his recommendation.
They have accepted me for a DMP with token payments to get them all onboard and that will prepare them better for an IVA as the creditors will then know that I can't afford much,in 6mths time
they will attempt an IVA with a lump sum or continue with token payments, letter are already being prepared to be sent out to my creditors by Payplan.
Yesterday afternoon I spoke to all my creditors and as Payplan is involved they are quite happy and will now deal with then and have put all calls to me on hold for 14days and none of them accepted a token payment from me as I offered in the meantime.

So basically the advice I got was to not attempt an IVA now, go into a formal DMP to get them used to accepting low payments then attempt
an IVA in 6mts

So if anyone wants any advice I would strongly urge you talk to Payplan they are very very helpful.

[smr]

Hi
Seems like you are on the road to sorting things out. My hubby is self employed so I know the problmes it can create. Once thing I am wondering about is how you go about "hiding" your £30K. I would have thought that in any arrangement, be it DMP, IVA or BR that you have to disclose this money and put it towards your creditors ? Surely the checks inplace regarding your finances would discover this money ? I worry for you that by hiding it and then it being discovered later, you would be in more trouble than it's worth ??

[willalwaysreply]

SMR,
I dosclosed my £30'000 to Payplan, they are entering myself into a DMP for 6mths to get the creditors on board and then go for an IVA using the Lump sum as a settlement along with a monthly contribution
if I can prove I can afford it.

So the 6mths is like a test.


Re Hiding 30k that's easy cause if they leave me to my own devices
I.e Bankruptcy I might as well blow the lot at a casino and either win big or lose as with bankruptcy i would lose the lot anyway.

A fraud situation caused my problems and the authorities are useless when it comes done to it and it has made me anti establishment etc