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I was told when I applied for an IVA that Black Horse loans will not accept them. Is this true. As I owe these the most money I was told I would not get an IVA. £22000. with black horse And £9000.with other creditors

I am afraid that this is correct Corinne.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Sorry I have to differ.

I owed black horse £1250 and they didnt even vote

no matter how bad money gets, theirs stll alot more important things in life

Hi
If you are having problems it might be worth posting you surcunstances as there are many people here to offer helpful advice, some who may have been in the same situation as your self.

You have made the first move in the process of trying to sort the problem out, post more details and you will egt some positive advice.

Dave Beech

James

It is common knowledge in our profession that Black Horse will reject IVAs where the debt is less than one year old or is more than £7,500. That is why I advised Corinne as I did!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

I agrre with you Melanie re Black Horse, but in the post it did not say that the loan was in the last 12 months.

Dave Beech

But the poster clearly shows that they owe £22k! In my experience, and knowledge of current creditor policy, there is no way Black Horse would accept this as an IVA.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

when you say black horse is that the same as lloydstsb

No - they are both under the same umbrella, but do not vote in accordance with the same policies. Lloyds TSB are generally relatively amenable to accepting IVAs, so long as the best offer is being presented.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi

I'm new to this forum and firstly want to say that after reading through many of the posts that this is such a great source of support and advice.

I've only just started looking at IVA as an option and already after reading these posts on Black Horse, as well as the Northern Rock I'm wondering if I have a chance of an IVA at all?

I owe £59,000 to 13 creditors. The biggest is northern rock (nearly £16k) an unsecured loan with has 20 years left to run. I also owe £1150 to black horse which was a 10 month interest free loan.

Perhaps a miracle may happen but wonder what my chances of an IVA being accepted would be?

Thanks for any advice

Rebecca

I think you have a fair chance Rebecca - when was the NR loan taken out and what was the money used for?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi
Who knows what is going to happen in the near future. Your current position in relation to voting, (if your creditor value is correct) NR and BH have 29% of your debt.

Can I just ask, you said your BH loan was on 10 months interest credit, how long has it go to run?

Dave Beech

Thanks for your replies -

The NR loan will be 5 years in March (20 years left to run). The BH loan will finish in July 2008, so it's not long and I desperately trying to find ways to see if I can pay them off before then.

Sorry, should have added in the last post the NR loan was part of a 125% mortgage - 95% secured and 30% unsecured. I used part of the unsecured to purchase the flat plus furnish and consolidate debts from when I was s student.

I would not worry about Black Horse, as you ought to get sufficient votes from other creditors to outvote any rejection from them - and in fact they may well support the IVA given that they are only owed a relatively small amount now.

Do you still own the property over which the NR loan was taken out for? If a good case could be put to Northern Rock, they may well accept an IVA. If you still own the property, how much equity do you have in it?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp