I've reached a point where I can't afford to pay all of my creditors. I applied for an IVA however this was refused due to the loan company having the largest percentage of the debt. A 2nd attempt, with a seperated company, wasn't even accepted. I've now been approached by Curtis Faraday who have advised a debt management plan for the next 15+ years. Can anyone tell me if an IVA is at all possible?
An IVA will only be possible if your largest lender changes their view -- what percentage do they have ? Could the IP's have done more to gather the other creditors positive votes? Who is the creditor and did they give any reason ?
A DMP might be OK as a stop gap -- at least to give you some breathing space, but I would go to Stepchange or Payplan for one of those as they do not take fees for DMPs.
Do you have any reasons not to go for bankruptcy ? Are you a home owner ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I know foggy has asked many questions there but without the info it is hard to advise further. Let us know some of the info and we will endeavour to provide you with a response.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Totally agree with the above would suggest that you speak to further companies - speak to Vincent Bond (details under ask experts a question link under the left hand side of the page) for sme free advice.
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
Some creditors can be impossible and if your largest creditor refuses the IVA there is little you can do. Look at bankruptcy if this creditor is being so awkward.
