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Hi, I have a current agreement with Gregory Pennington which is not an IVA, I have asked them for an IVA but they tell me that as the majority of debt is with Black Horse Finance that it will fail as Black Horse always reject IVA's, can I have the benefit of your experience with this, do Black Horse really behave in this manner?

Hi sph

It is not right to say that Black Horse reject all IVA's. They do however have a firm policy not to accept IVA's where the debt is less than 12 months old or is more than £8,500. If you fit into that category, I am afraid an IVA is probably not viable.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

oh god i was so happy today thinking that yeah i was gona sort thing out wen isent stuff to debt free direct, then seen this message n my heartsank,
we have 17thousnad debt, and about 5000 of that is to black horse and we only took the loan out in may 06 so its not been 12 mths omg if the iva gets refused i dont no what we gona do, bad end to a good day i give up things cant get any worse lisax

Do not despair Lisa

By the time your IP gets to present your proposals, it is very likely that the debt will be over 12 months old. But is an IVA really the best option for you when you only owe £17,000? What is the level of your disposable income?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hey.... Lisa

Please dont give up, hang in there, you are one of us now. Here's a virtual hug.

You do not know what is going to happen yet, April is next door. I had a crappy day also, we will get there though. Youre not alone in this and the sun will shine again for both of us, well all of us.

)))))))))hug(((((((((

LILY

I asked God for a solution and have to live with his reply.

Thanks for the reply Melanie, much appreciated, the debt is certainly older than 12 months, I'm not sure how much is still owed, I will check into this. I also heard that you can't be recieving overtime or standby pay during an IVA, is this correct?

No, it's not true that you cannot have overtime or standby pay. Most IVA's have a clause stating that you must pay 50% of any extra money into the IVA.

Onwards and upwards!!!

Hi
As Skippy says most have a 50% clause. We do regular overtime and just ring our company each month and pay the 50% over, it saves a big bill at review, but its still worth doing as it gives us that bit extra for the odd pleasure.
All the best

Ang

I do not want to add gloom here but my understanding is that Black Horse will not look favourable on IVAs where their loans have been running for less than 2 years (24 months).

If you have a significant Black Horse debt (20% + of the total) and it is less than 2 years old, your IP will need to call Black Horse in advance and see what they say. It might be best to try a DMP first. If you can show this, then Black Horse may be easier to negotiate with for an IVA later.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

Thanks James, I am in a DMP already, I will talk to GP again to see what can be done, thanks to everyone on here for the answers.