www.iva.co.uk

Hi all
When i filled my i& e sheet in for iva i put my
O/HALFS outgoings for debt AT £ 300 per month CC and catalogue etc she has approx £ 9500 owing on these
Now the suprise
since found out she has £90 a WEEK also to pay to (brenda the lender)
i.e. shopacheck and provident
????????? Do these companies accept iva or dmp need to get something sorted quickly / The missus seems reluctant to get any help from anywhere so any advice greatly appreciated,i have sorted out more overtime in the meantime to get by on but obviously will have only 50% of this .These doorstep lenders seem to prey on the vulnerable at extortionate interest rates and also the collectors seem to befriend customers so as they dont miss any payments.
Any advice or guidance please

Your wife could also do an IVA and these creditors will be part of her IVA and yes they do support the IVA initiative in appropriate cases.

Your wifes debts would need to be £10,000 and have about £135 available to do an IVA from a low contribution IVA provider though, subject to appropriate advice.

Doorstop lenders are very expensive. They are small unsecured loans that should be included in an IVA, i dont know if they accept them or not but they would be bound by it anyway.

The hard part would actually be telling the lender face to face. Its easy over the phone and by letter. That a personnal feeling anyway.

Yes I received a letter from Provident offering me a loan and in big letters it said "only 187% APR" only....!!!!

If you include this in the iva you can tell Brenda the lender and easy saying were not paying

Easier said than done for some people though, especially when they befreind you!

I get letters from provident all the time. They say if you keep up with your payments then existing customers can borrow up to 2.5k...I would hate to think how much that costs a week.

I forgot to put the tongue in cheek things!!!!!!!!!!!!!!

So did I! [:D]

They are fine as creditors. I worked for Shopacheck and other creditors and we were always pleased when bad debt went off our book and back to Head Office for an IVA or debt management.

Remember Shopacheck are part of Cattles until recently a FTSE250 company as I think Provident are.

to my reckoning it would be £150 a week over 50 weeks with provident.

Paying back 7.5k!!!.. I imagaine they have alot of people who struggle to pay that back! Although they probably have lower payments over a longer period but will mean paying more than that back! REDICULOUS!

I think thats right. I beleive its 3 times what you borrow in 50 weeks.

I dont know but It winds me up how these lenders target people who are stuggling...I was once tempted with one of these loans when times were really hard...so glad I stayed away from it!

Wife is very undecided as she sees one of these collectors regularly on school run, he is a man who isnt shy with put me downs.
other one Brenda is a local woman who knows everybody and she is worried about gossip,will have to keep at her.