www.iva.co.uk

HI everyone. Well i am feeling like we have taken 100 steps back. We are currently going through the process of setting an IVA up with Melanie and her team.

However, the major creditor is First Plus due to a huge shortfall from a house repossesion last summer. We assumed that we would owe a lot less than the balance that is being given and i am absolutely gutted cause i am worrying that the IVA won't be viable due to this as the total amount with this huge shortfall will be around 100k rather than the 80-90 we thought. We really don't want to go bankrupt as we are living in private rented accomodation and although our landlord is a friend of a friend's husband, we have a clause in our tenancy agreement stating that if we were to be bankrupt we are breaching the agreement. I am sure that Melanie and her team will do their very best, but was really positive and now just am convinced that we are going to end up homeless due to this. Oh my god i just feel so stressed.

Sorry everyone, all i do when i post on here is moan and worry.

XXXX

I cannot see that the increased claim will cause a problem - it will just mean that the amount available to creditors will be diluted as a result. As you know the whole IVA hinges on First Plus' acceptance, so it is was good for them at the lower figure it ought to be the same with the higher.

Call us at the office if you want to discuss this off-line.

Have faith,Mel knows what shes doing and if she is telling you to stay calm,then stay calm. I am sure it will all work out.

Good luck!!

Paul

Thanks melanie, the thing is though the reason i had to ring them was because we have sent all our paperwork back to your team (ie bank statements and everything else), but becuase we hadn't heard anything from First Plus, eventhough the house was sold by the Halifax months ago, this was one of the things that is needed before your team can take things any further. We took the original secured loan for £60,000(consolidation) and took out PPI which we didn't realise was going to be another 14,000 on top of this. So we assumed that as we had paid nearly 2 years worth of payments that (even with interest) we would owe no more than, at the very maximum between 50-60k and this was the figure i gave Tina at my telephone interview. I did speak to someone at your office yesterday who was fantastic, but just worrying. After everything we have been through, i think i am perhaps worrying unecessarily but it is hard to do anything else.

Sorry again for the massive essays. Apart from my husband, this is the only place i can let things off my chest.

xx

That charge for PPI seems excessive and you should consider seeking advice as to whether you were mis-sold it.

i have actually rang First Plus and logged a complaint as i didn't feel we had been properly explained to about the PPI and wasn't aware it would be that much. They are going to investigate this and get back to us.

Good luck with Deaney, you couldn't be with a better firm than Melanie and her team x

Don't worry, I have two members in my team who used to work for First Plus and they understand the system for dealing with PPI mis-selling very well. This will be dealt with as a matter of course as part of our work for you, and in the interests of your other creditors.

thank you, i suppose we just have to keep everything crossed that it all turns out ok.

Thank youx

Have trust in Melanie and her team - a proposal would not be submitted if they felt it was not possible to be past !