You can always do a debt management plan, at least in the short term.
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
Like most other IPs Jan, we've given up on trying to get them to understand the commercial benefits of an IVA - and I have seen a number of clients go bankrupt simply because Link would not accept their proposals.
I have to say that on the other side of the fence, they are extremely supportive at bankruptcy creditors meetings in my experience.
Do they have an option with BR? Seems a bit pointless if they can't recoup anymore money than under an IVA.
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
Thanks Mel - just to let you know as well that hubby accepted your superior knowledge last night!! Not that I gloated of course!!!
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
MBNA were one of my creditors and I didn't have any problems with them. Can't remember whether they voted or not but I certainly didn't get any phone calls or letters from them x
MBNA were the only ones to vote no in my case. Luckily they only had 10% of the debt. Thankfully HBOS who had a massive 50% voted in favour and were very supportive when i came clean about my situation. MBNA were horrible on the telephone, however I have a great talent for turning such conversations into a farce to the point I had the said companies collection dept employee screaming at me down the line (Brilliant).
As a serious aside, is this hardline approach by Link Third Reich Financial going to reciprocated by the more equitable financial organisations? I wonder whether the skewed 80% condition might incline others to tighten their conditions even if its only a little.
I don't think they will. A lot of them have actually relaxed minimum dividends and are quite happy to get back a fraction of what is owed. Bear in mind that the vast majority will be sold on for a small sum so anything they get will probably mean a profit for them.
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
thanks for everyones input, i'm definately not feeling optomistic about it now though. i understand that a IVA is designed for the likes of myself to pay back as much as possible to the creditors, but Links' stance on this is a right kick in the teeth!!!
And supposing i do get Links proportion down to under 25% there no guarentee that all of the rest of my creditors will accept. i have 6 pay day loans for relatively small amount in comparison, and i havent done any reasearch, but im guessing they don't tend to agree/accept IVA's with open arms??????
I think payday loans are normally quite supportive.
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
Link financial only exist as a business because of debt, in a future where people pay cash for items which wat it was back in the old days no credit cards etc. companies like link will go to the wall.[:D]
i cant really see link financial being that much of a success of continuing to trade this way as forcing people to br is probably the wort oucome for creditors and lnik if there is no assets.
