owe alot to the one bank via three loans

[feeby]

Hi,
I am new to this but have a few questions if anyone can help.I am currently trying to put an IVA in place via CCCS and am waiting for an IP to contact me.
My husband and I owe alot to the one bank via three loans.What is the chance of actually being approved for an IVA when we have not yet reneged on any payments even though we are struggling?
Also,as we owe £50,000 in three loans to the one bank,lloyds tsb,is an IVA possible?
Many Thanks in anticipation

[Beechy]

Hi and Welcome to the forum

Generally you need three different creditors, if all you are loans to one bank i.e personal loan/overdraft it may me difficult to get an IVA approved.
With the exception of the £50,000 to LLyods do you have any other unsecured creditors?


Dave Beech

[MelanieGiles]

Under current IVA protocol, you need at least two creditors who have provided at least three lines of credit.

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

[beresford]

Hi just curious, why can you not have an IVA with just one creditor? I take it somebody in this situation could go into a DMP or is there any other alternative for them besides bankruptcy?

[Beechy]

There are minimun requirements for an IVA henc ethe nimber of creditors and loans. If you only had one creditor why would you need a DMP. One letter/phone call would sort the problem out.

Dave Beech

[beresford]

I see Beechy. Thanks for clarifying that