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Hey all as u know my iva was rejected from cf but the company that put me on to creditfix have now come bk with a new company to try with minus the gaurantor loan with amigo. The new company is vanguard insolvency has anyone head of them and wud they be ok ?? Any advise wud be appreciated thanks

My understanding is that you cannot exclude the Amigo loan and this could lead to the IVA failing at any stage. I would be very wary.

Also with all of your surplus money being paid into this IVA, how would you afford the Amigo repayments ?

Agree with Foggy - you cannot exclude this loan and you would not be able to afford the payments on top of your IVA payments. Why has your friend not kept up with their payments?

I haven't excluded its there idea To do this cause it's still in Dominic's name it hasn't passed over to me yet. So they said to try get the iva passed without it then when it does switch to my name it can be added on. So is this not true then ?? Also I am waiting on a pack to do a dmp with stepchange he said I can still do this in the background and then change it to iva is this true ??

ANNED wrote:

I haven't excluded its there idea To do this cause it's still in Dominic's name it hasn't passed over to me yet. So they said to try get the iva passed without it then when it does switch to my name it can be added on. So is this not true then ?? Also I am waiting on a pack to do a dmp with stepchange he said I can still do this in the background and then change it to iva is this true ??

It cannot be ignored -- they have to be included as a contingency debtor. Whether they have voting rights as such I do not know, but the sudden addition of the debt if and when Dominic fails to pay (which I thought was already on the cards) could well derail it at that point .. wasting everything you have paid in up to then.

It has to be included - if they default you agreed to cover their payments.

So why r they telling me this then I don't understand ?? Yes he is saying he can't afford to pay anymore but the debt hasn't transferred to me yet. So would I be better just going with the dmp with stepchange ??

Yes they r on there as debtor but as a secured debt until he defaults think that's what they said anyway ??

ANNED wrote:

Yes they r on there as debtor but as a secured debt until he defaults think that's what they said anyway ??

But it is not a secured debt. It is a contingency debt --- potential, if you like. If he defaults the debt is yours and can be added to the creditors. However, this could fail the IVA if the figures don't balance.

If I were Amigo I would have something to say about it -- hopefully an Industry Expert will comment.

Ohh god I don't know what to do now as this is what there telling me to do it's not my idea. But if it's going to fail the iva down the line then there would be no point me doing it so confused now as to why they would be giving me this info if it can't happen. Will I ever get this sorted feel like just going with the dmp

Speak to one of the smaller companies who can probably advise better. - we have several who post on here.

ANNED wrote:

Ohh god I don't know what to do now as this is what there telling me to do it's not my idea. But if it's going to fail the iva down the line then there would be no point me doing it so confused now as to why they would be giving me this info if it can't happen. Will I ever get this sorted feel like just going with the dmp

Don't panic yet! Wait until an Industry Expert comments --- Kallis and I might be missing some pertinent fact and are only expressing our own, untrained, concerns. I agree with Kallis in that I would have a chat with another smaller firm, such as those who post here, to compare advice -- tell them what Vanguard have said and see what they think.

I don't know I think I might just go with the dmp for a while then maybe try a iva at a later stage cause I'm not convident that it will pass this time either

It's your choice obviously but I do suggest you speak to some of the companies on here before making a decision.

I would be surprised if an IP left out a debt for voting purposes if they knew the debt was guaranteed and already in default. I know some firms have tried to exclude debts on the grounds the creditor rejects but this would mean you would have to maintain the contractual payments if the other creditors agreed. If I were a creditor I would not accept this and regardless it may leave you unable to afford the IVA anyway.

Perhaps Vanguard do not know the entire story but it is certainly worth speaking with them and see if there is any way that they can have your IVA accepted.