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flow13

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Post by flow13 » Tue May 05, 2009 11:04 am
I was wondering if there are many IVAs set up where 100p in the £ is paid back? Is this a rarity at all?
Its now time to start living and to make some some wonderful memories!
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kallis3

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Post by kallis3 » Tue May 05, 2009 11:10 am
It does happen - don't think it's that often though.
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.
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Michael Peoples

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Post by Michael Peoples » Tue May 05, 2009 11:27 am
It is not unusual where a client has been made bankrupt for an IVA to be offered with 100p in the £. This stops the bankruptcy from proceeding and the client losing their home. The costs and implications are less than bankruptcy and once the IVA is approved the bankruptcy is annulled.

If a debtor has received a bankruptcy petition a DMP is no longer an option so an IVA can also be drafted which allows the debtor time to repay either by sale of assets or voluntary contributions. This again can also be to the benefit of all concerned.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Sarah

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Post by Sarah » Tue May 05, 2009 11:27 am
Mine wasnt set up as 100p to the pound but due to changed circumstances this is what i will be paying back (i was very lucky with a job)
 
 

LoneRanger

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Post by LoneRanger » Tue May 05, 2009 11:28 am
Would that normally come from Full and Final offers though Jan? Assuming you could pay 100p back over 5 years you wouldnt really consider an IVA?...fees and all that.
Steve.

IVA approved!
 
 

flow13

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Post by flow13 » Tue May 05, 2009 11:29 am
Thank you for your replies!
Its now time to start living and to make some some wonderful memories!
Read my blog at http://flow13.blogs.iva.co.uk/ 'Aiming for the finish line'
 
 

David Mond

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Post by David Mond » Tue May 05, 2009 11:29 am
On the contrary we have recently been doing a few - but overall not too often - but it certainly allows for those debtor's who want to fully repay any of their obligations a method by which they can solely based on affordability, achievability and in the debtor's best interest.
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.
 
 

kallis3

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Post by kallis3 » Tue May 05, 2009 11:41 am
It's not necessarily from a full and final Steve.

If you work loads of overtime or get bonuses, you can pay it back that way.
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
 
 

LoneRanger

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Post by LoneRanger » Tue May 05, 2009 11:43 am
I guess so. Didnt really look at it like that.
Steve.

IVA approved!
 
 

MelanieGiles

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Post by MelanieGiles » Tue May 05, 2009 6:27 pm
Creditors generally do not like 100p in the £ IVAs, unless as Michael says they are post-bankruptcy cases where the return to them could be effected quicker than if the bankruptcy were to run its course.
Regards, Melanie Giles, Insolvency Practitioner
 
 

ivas4us

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Post by ivas4us » Tue May 05, 2009 6:31 pm
Hopefully tomorrow I will find out how much creditors like 22p in the £
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
 
 

sparklywatcher

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Post by sparklywatcher » Tue May 05, 2009 6:33 pm
am sure it will go great Ivas4us xxx
Creditors meeting set for 2nd June....
 
 

ivas4us

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Post by ivas4us » Tue May 05, 2009 6:35 pm
it should do. I am sure David will get the right result. Perhaps he might be on later with some last minute advice.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
 
 

sparklywatcher

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Post by sparklywatcher » Tue May 05, 2009 6:37 pm
All you can do is sit back and let David do his thing... I am sure he will do his best for you and get you the result you so rightly deserve xx
Creditors meeting set for 2nd June....
 
 

lull65

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Post by lull65 » Tue May 05, 2009 7:26 pm
Hi Ivas4us

Good luck for tomorrow. Mine was accepted in April paying 17p in the £.

Helen
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