www.iva.co.uk

Just joined this forum it is great!

Wondered if anyone could give me a bit of confidence. Payplan are proposing an IVA for me for 23p return for creditors.

I have worked through percentages and I only need 3 creditors to vote, who are Blair Oliver Scott BOS CC, halifax cc and halifax loan, Frederickson(bryan carter) orig Lloyds loan and AIC orginally Mint c/c (allied international credit)

My other creditors who hold small percentages(3-4%)are:

Capital One
GE Money
Moorcroft
Assett Link
Cabot Financial
BLS Collections (part of Lloyds i think)

Has anyone had similar experience. I have been in a DMP for 2 1/2 years first doing it myself and since Nov 07 with Payplan.

Any views would be much appreciated and thanks in advance.

Hi,

I would suggest firstly that the fact you have been in a DMP for 2 1/2 years would be in your favour as you have not just jumped into an IVA you have tried other alternatives first.

Was the DMP not working or was the length of time unrealistic ?

There creditors you have listed ussually accept best offer IVA's with no minimum hurdle rates, so i would say there is a good chance of acceptance.

My DMP is set up for until Sept 2027 completely unrealistic. As interest and charges are still going on some and cant afford for anyone to put a charging order on house as absolutely zero equity (we are trying to sell it) with not really a hope as we are asking too much but cant drop the price due to redemption fees, even when redemption fees finish mort payments go up £250 p/m and we would come out of it realistically with about £2k if that.

Hi there, and welcome to the forums. My IVA was approved last month, and I had Blair Oliver Scott chasing me for money from Halifax - they accepted my IVA with modifications, and they were my largest creditor (approx 63%), so I think you should be OK there. From what I hear Lloyds are generally supportive as well, not sure about Mint though.

That DMP is completely unrealistic as you say - how anyone can put a DMP together lasting 22-23 years?!?

Just want to wish you all the best, and hope everything works out OK for you! [:)]

My IVA was passed at 18p in the £... mind you that was 2 years ago and things have tightened up a bit since then.
As long as you can prove that is genuinely the max you can afford theres no harm in trying....Good luck no money Eva

Hurdle rates from creditors are presently in the process of being relaxed, however you do still need to make sure that the offer is viable.

I agree that a DMP for over 20 years is not realistic, and am sure that you will be successful on the day.