My fiancee and I owe around £39,000 in between us (12 creditors), one of them is Amigo loans (amount borrowed £10,000), we got this loan about 4 or 5 months ago. We tried applying for an IVA else where but Amigo was the only company that opt out therefore the company told me I could not apply for an IVA. I worked out and Amigo Loans totals 30% of our creditors and I figured if we paid them £2 K the amount owed to them would drop down to 25% which makes 75% of our creditors accepted the IVA.
Thinking like that, do you think I would be likely to get an IVA?
My monthly income is pretty low now, I earn around £1200 after taxes and my fiancée is a full time student.
Can you please advise?
You have to get them below 25% so they could not swing the vote -- however, this would also depend on all the other creditors voting yes to get 75%.
If you are talking about both getting IVA's the amigo loan ( if joint) will be included on both proposals and will have the voting power of the full amount on each, as I understand it, so, in relation to each proposal will have more than the 30% you have currently calculated.
I would run through the figures with a different firm to see what they think based on their experinces of dealing with Amigo.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
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My fiancee and I owe around £39,000 in between us (12 creditors), one of them is Amigo loans (amount borrowed £10,000), we got this loan about 4 or 5 months ago. We tried applying for an IVA else where but Amigo was the only company that opt out therefore the company told me I could not apply for an IVA. I worked out and Amigo Loans totals 30% of our creditors and I figured if we paid them £2 K the amount owed to them would drop down to 25% which makes 75% of our creditors accepted the IVA.
Thinking like that, do you think I would be likely to get an IVA?
My monthly income is pretty low now, I earn around £1200 after taxes and my fiancée is a full time student.
Can you please advise?
Thank you
Hey im having the same problem with amigo they are a nitemare to deal with and are not reasonable at all. I had my iva rejected because of them and now im in a dmp and there not accepting that either there giving me so much hassle it is unreal. So i would try as you say pay some off so your not depending to get a vote of them cause they will vote no in my experience. There the worst company i have ever dealt with
Most of Amigo's business is secured by guarantors ..... fabiano, if yours is also, remember that the guarantor will be liable to repay the loan in full if you default.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
