hi.earlier this month an iva proposal was put forward and a company i owe 10k refused and have now put a charge on my house...the other 25k debt some voted yes and some didnt comment...the company who dealt with my iva now are not very helpfull with advice now on what to do next.i have paid over 1000 pound to this company which i feel for absolutly nothing...they are saying i should consider bankrupcy which means extra costs for them....i am so angry i feel fobbed off as at this moment in my life that youy contact a company cause you need help only to feel ripped off..has any other person had the same kind of experience...ie.refusal of iva?thankyou lisa x
Hi Lisa i'm so sorry that you are finding this time in your life a difficult one, I don't have the experience to answer your query but i'm sure that one of the forum experts will be able to give you some guidance. I hope that you get this sorted quickly.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Hi there - sorry to hear of your experiences so far.
Which IP firm are you currently with, and which creditor turned down your IVA. Did they give proper reasons for their rejection?
If the firm you are currently using do not seem to want to look after you moving forward, you can seek advice from another firm. Do you have any assets which would be at risk from bankrutpcy proceedings.
Another thing is that if you decided bankruptcy was for you, you would not have to use this firm to do it, you could do it yourself and it would just cost you the court fees.
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
Hello,
Yes I am in the same boat as you Lisa of having my IVA declined, but my IP is doing all she can but it looks like a losing battle. It is very frustrating and annoying that one creditor (MBNA) who have the majority debt can say no and do not even intend to say yes by the looks of it, due to a 10 year rule that this company operate.
That leaves me two ways to go: a ten year DMP at least if all the creditors accept 0% interest, unlikely or BR and with around £20000 equity in my house I don't really want to go down this route if possible.
Laurels
Hi
The ten years MBNA rule is frustrating.
It may pay to drop into a DMP because of your equity, and try again later. You may find that MBNA will sell the debt on and the new owner will be happy to accept an IVA
Regards
That is a good point Andy. Laurels is my client, and I am facing the first rejection I have seen in over six months - of a perfectly good IVA proposal where my clients are doing their utmost to make the very best offer possible.
If you are frustrated with the level of service from the IP, you should write a letter of complaint for them to deal with. If there is a dispute to be dealt with, there is a service available here - see further up the page on the left - which may help you to resolve.
I know it is very frustrating but if the £10k creditor is now secured, you may still be able to propose an IVA with your other creditors which your IP should advise you on.
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
Contact me directly for free, impartial, confidential help and guidance.
Hello Andy,
I am starting to think I may have to start looking at a DMP if Melanie cannot weave her magic and I see you were on Vincent Bond webpage, could you or indeed anyone give me some information on DMP's if I indeed do have to take this route. Are these any good at getting the % to nil, what fees are charge and are these taken out of the DI as per IVA's. Any information would be great.
The problem I am faced with now is that I have not paid any creditors for approaching 3 months thinking I would be safe in an IVA by now and I have to start again in a DMP, how long do these take to set up? I will be speaking again to Melanie soon but from our previous conversations it is not looking good.
Thanks
Laurels
I was in a DMP prior to my IVA, and the interest and charges were frozen from day one.
VB are a good company for DMP's and Andy will certainly help you every step of the way.
I sometimes find from reading posts that a fee paying DMP (the fees are factored in to your payments) gets better acceptance than the charity based ones.
I hope it doesn't come to that though laurels. Melanie will fight tooth and nail for you.
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
Thanks Kallis3,
It is frustrating because it would seem if I had a lower DI thus giving MBNA a smaller % per month and so not being able to pay back the full amount over 10 years it would have been accepted! They didn't even vote on my wife's IVA and she only has debt with them £3000 less than me, but at a vastly reduce DI compared to me.
Melanie is trying hard but it does not look good. My problem now it would seem once it has finally been refused is how long a DMP takes to set up, hopefully Andy can answer that for me.
Laurels
I would imagine that Melanie would pass on the details she has to Andy, so at least it's a start.
Shouldn't take too long.
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
hjs is the company and the 10k is owed to bookers cash and carry all a big cock up really,even my accountant found there invoices confusing...17k to barclays but apparently they never gave a yes or no...inland revenue never replied apparently neither...hjs were very strange when it came to explaining it really...to even make me wonder if a proposal was made in the 1st place because companys they said said yes have recently sent mail that have now gone to bailiffs.as for bookers they said they just said no! so hence the charge on the house..i presume the charge has been granted as never gave evidence or stated my case as the iva proposal was 2 days before the charge hearing and the court was 6 hours away.because the iva company was sure they would except my proposal as there is no equity in my house...minus equity 113k morgage and stands at a value of 100k at the minute..all a bit of a mess at the minute..has gone on for 3 months now and the worry again to sort it all out over again is killing me..i cant sleep at night worrying myself to bits... hjs say get back to them when bookers have been in touch and see how much they will except but they dont think they can give me an iva...but will look at my case..i have questioned about the monies and they just say i will have to pay again as they are admin fees and non refundable..i feel i have been ripped off over 1000 pounds which i could of used to pay some debts i had off..thanks lisa x
Personally I would represent another IVA - perhaps with a different IP firm. As Booker have now got security, they may decide not to vote on another IVA - and it is definately worth at least looking into.
