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
Seems to be a small percentage of people who post on here looking at info on iva failing due to DI being set at too high a level but for whatever reason they go along with it.
I would love to see companies have to list the % of IVA's that are successfully completed.
I know that IVA's fail for various reasons that may or may not be within the IP's control but a lot of people seem to also have difficulty with communicating problems directly to IP's(the ones that dont talk to customers!!!)
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I think some people get rail roaded into accepting unrealistic payments because they can't go BR, or are scared to do so - that's what happened to me.
It's irresponsible of companies manipulate the figures to fit an IVA as the client is often to scared to query it, and if it's unaffordable at the start it will most likely fail.
One of my creditors told me that less than 25% of IVAs are being accepted at the moment due to 'the current economic climate' and that 80% of IVAs fail within the first 12 months. The told me I'd be better off settling with them now since they probably wouldn't accept my proposal and would just force me to go bancrupt.
Nice scare tactics they have, and while I know they are trying to scare me - I am scared, but havent got any money to settle otherwise I would have done months ago. My creditors meeting is in two weeks, it's taken 6 months to get to this stage, but 2 weeks feels like an eternity.
MelanieGiles wrote:
The industry works on a failure rate of between 30% and 40% - but again some firms would experience a much lower percentage.
quite staggering failure rates there especially when you consider living with an iva for what is usually 5 years should in reality be easier than living with similar debt for 5 years.
that may seem a funny statement to make but lets face it how many loan companies ask potential clients to do a full i+e before they lend them money,with a responsible ip its almost like looking at an iva as a loan with a 5 year term,where the payments do not rise with an unpredictable interest rate but tailored to what can realistically be paid.
Last edited by lil.me on Sun Aug 02, 2009 11:29 pm, edited 1 time in total.
It was MBNA. They're being very agressive lately and even though the creditors meeting is set and I've been making token payments they keep ringing me up to tell me that I'm not cooperating and that they have means of getting their money back even if I do get an IVA approved, which I know they can't.
Last week one woman was screaming down the phone at me - I just burst into tear it was very frightening - then they told me that 'turning on the water works wasn't going to help me' as if I was just acting. They are just a nightmare. I know they want their money back but quite frankly if I had te choice I'd pay all my other creditors 1st and let them wait.
That is appalling, and I will be drawing that to the attention of the firm that represents this creditor. I am sure you were speaking to someone in a call-centre, rather than someone in their insolvency team - who I generally find very helpful and commercial.
O2B I know what you mean by MBNA they are very agressive and never let up no matter what you tell them , they are two of my creditors so twice the fun!!!Just start screening your calls or don't answer and let the answerphone pick them up.Your creditors meeting will be here before you know it and then life can move on keep strong !! even though I know it is hard at times
I have got my creditiors meeting this Thursday and my nerves have set in but I know that my IP would not put my proposal forward if she felt it would be futile so fingers crossed!!!(still nervious though) best of luck for your meeting!!!!!
