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
That is certainly a very sweeping statement to make, and I assume that that is what you have been told?
Leaving aside the fact that that assumes an automatic no from Black Horse, which in my experience lately is a dangerous assumption to make, it seems a little presumptious on the basis that if I'm right (and apologies if I'm not) then you are not that far down the IVA route that all balances can have been confirmed by your creditors to your provider.
What exactly did your provider say to you?
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I advised Billy on the basis of my current industry knowledge of this particular creditor. It is not appropriate to post details of the particular account, but if Size 5 has details of Black Horse that I do not know about I would be very grateful to understand these - as so far as I am aware there have been no changes in their acceptance criteria.
Still exploring the options and going to chat trough some more with Tina on monday.
I have gone back through my paperwork and the difficult loan with black horse is in fact only for £15000 plus interest over 60 mths.
Therefore this will not now constitute 25% of our overall debt.
If they did vote no then we are still in with a chance if all the others vote yes.
We are currently paying high childcare costs but these will reduce once our youngest starts nursery/school and my salary is set to increase over next 3 years. Therefore our contribution year on year would increase.
It is important for others finding themselves in this position to note that we were accepted for an IVA by Baines and Earst, they would have taken 2 upfront payments totalling £1500, they gave us none of the advice that we got from Tina yesterday, (she was excellent, would recommend her to anyone. Luckily we went with our gut feeling and decided to seek a company with good customer feedback and who charges throughout the process, this way we felt would give us ongoing support.
We contacted Melanie's team and I have to say, as distressed as I currently am the support was excellent, Tina the advisor went through our expenditure etc... and our available contribution went from £725 (advised by B&E) to £620 approx. This is a really important factor and I would urge anyone in this position to talk to different providers.
We cannot opt for bankrupcy because this would affect both of our jobs.
What a nightmare !!!!
7 down 53 to go
The pedal uphill may be hard but remember once you reach the top you can take your feet off and freewheel all the way down!!!
We have been revolving credit for some time (moving balances from one card to another to avoid interest or consolidating) We have no arrears at present but obviously our level of debt does increase month on month. I believe this is not favourable with lenders as they feel they are lumbered with another providers debt and may refuse an IVA on this basis.
Anyone any advice on this? We have cards with MBNA, M&S and Natwest (are they IVA friendly??)
Need to discuss our options again on monday with Tina and see where we go from here.
Don't mind taking an interim DMP but don't want to be stuck with this forever.
We can stay afloat for a few more months (with family help!) without going into arrears, really don't know what to do.
x
7 down 53 to go
The pedal uphill may be hard but remember once you reach the top you can take your feet off and freewheel all the way down!!!
The point I was making alluded directly to the balances issue, if the process is ongoing and has had all balances confirmed then it is a different picture of course.
I'm sure that a solution will be found for you and good luck.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
MBNA were one of my creditors and they agreed yes to the IVA, I had the biggest credit with them. I also had Black Horse with 2 loans and I dont think they bothered to vote in proposal to the IVA. I only heard about the ones who said yes; MBNA & Barclays.
