Starting an iva

[dw1983]

Hi everyone this is my first post so please go easy on me I am in the process of setting up an iva through freeman jones my creditors are
Hsbc-credit card and overdraft
Creation consumer finance
Tesco personal loan
Barclaycard
Mbna
Santander store card (edge)
Premier man
Jacamo
Wonga


I have worked out with freeman jones i can pay back £477 a month and total debts are around £33,000 they have told me this will be 53p in a £ does this sound fair and does anyone have any experiance of these creditors accepting ivas

Also I work for a company who give me a company visa card I am just hoping this wont be a problem as its their account hopefully someone can help

Thanks in Advance
Damien

[MrsKnight]

Hi DW & welcome to the forum from me.
Firstly - you have found an excellent forum for support during all aspects of an IVA.

I am with 3 of your creditors & got accepted no problems with them. (Tesco & Barclay, MBNA)
Your offer sounds to me a very sound acceptable offer for your creditors, though im not an expert so others will be along to advise, along with the company credit card advise needed.

Ensure your Income & expenditure shows a true picture of what you have coming in & going out. And ensure you are 100% happy with your IVA proposal.

Other than that, stick around n let us know how you get on, this forum has been a life line for many of us with support & advise through out.
Good Luck.

[dw1983]

Thank you very much for your quick response i have been reading these forums for a while and am glad i joined already

Thanks agin

[Adam Davies]

Hi
Make sure that your expenditure allowance is fair, realistic and not too tight.
Your company visa card should be fine as your company are liable rather than yourself, just run it by your IP to be sure
Regards

[dw1983]

Thanks for the reply I have worked it out as best i can with freeman Jones help does anyone have any experience of them

[Shining]

Hi and welcome from myself too, have you taken a look at www.iva.com for a list of companies and reviews of these. Always advisable to take the advice of 2 or 3 companies. x

[dw1983]

Hi I did look on there and they seem to have good reviews i was just wondering if anyone had experience of them with the creditors i have or does'nt it matter
Thanks

[Shining]

It's always good to ask advice and I'm sure someone will be along soon who is with them and possibly had same/similar creditors. I'm with Melanie and the only creditor we have in common was the HSBC who voted positively for me and my husband. x

[Adam Davies]

Hi
They are a large IVA provider and your payments indicate fees of 11k that will almost certainly be capped by your creditors giving them a higher dividend than 53p.
I would take advice from one or two other experts/IVA companies before committing as it is very important that your expenditure allowance is 100% accurate
Regards

[dw1983]

Hi how do you mean capped is that something the company has to do or can they just leave me in the lurch so to speak

[Shining]

I think your IP fees will be capped at a certain level by your creditors when the meeting is held, it may be one of your modifications. x

[dw1983]

Hi what does that mean to me sorry but i dont know how all this works
Thanks

[Shining]

If at the creditors meeting any fees to your IP was capped then it would mean nothing to you, your IP may have to accept a lesser fee and therefore your dividend to your creditors would increase.

Hang around for a professional explanation x

[dw1983]

Thanks will do

[MelanieGiles]

Those fees are very high - I do wonder why these firms put them forward when they know that they are going to get knocked back at creditors meeting!