I am currently working with a company in the hope that I could enter an IVA. However, after hearing back from them today they said the IVA was unlikely to be accepted as I owe 92% of my debt to one creditor. They informed me that any debt over 75% and Lloyds were unlikely to reject. Could you confirm please?
Yes this is correct - Lloyds would prefer you to offer a DMP directly to them, and I am told that they will offer assistance to their customers in setting one up.
The downide of this is that it may take you far longer to repay your debts via this option.
