www.iva.co.uk

Hi All,We have decided to use Accuma for our IVA and they are in the process of collecting all our balances and paperwork from creditors.Now I have been reading and posting on this site for a few months now and am well aware of the stance that Black Horse take with IVA's, it appears to me that they are our largest creditor and also the debt is only about a year old,Accuma are also aware of this,so my question is this,why would Accuma continue with an IVA if there is no chance of them accepting it?, I am led to believe that we would be offering something in the region of 37p in the pound, if as I assume they do refuse us what would the outcome of this be? would we be forced into B/R?

I think that you will have to ask Accuma that question!

How much is the Black Horse debt, and how much do you owe your other creditors?

If an IVA is not accepted, then you have the choice of either bankruptcy proceedings or a DMP.

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 Melanie,total debt is about £45000 and with the interst that B/H are putting on there debt is about £15000.

I am sorry to advise this, but I really feel that you will get a rejection from Black Horse. What was the loan with them taken out 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

At the time they called us and said that we were now allowed to be put onto a better interest rate as we were such good customers! only thing was that we needed to have a top up loan to do this.We actually paid off a lot of our other creditors directly thru B/H, so i suppose it was for consolidation.

I imagine that Accuma will discuss this directly with Black Horse before proceeding and wasting time drafting a proposal which may be rejected.

Do let us know how you get on, as I am always keen to monitor creditor activity in the marketplace.

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

Thanx once again Melanie, will speak to them tomorrow to see what there intentions are and will keep the site posted.Gary