I owe over 75% of my debt to one creditor

[pzb]

I owe over 75% of my debt (total $&00) to one creditor-does that mean that in my case, an application for IVA will fail?

[wen]

As far as I know, as long as you have a minimum of 3 creditors, your IVA will only be approved if your one creditor with 75%+ debt approves your IVA. If they say yes, you are fine, if they say no, it will be rejected.

May we ask who the creditor is you hold 75%+ with?

[Oliver]

Hello

This would not mean that your IVA proposal would necessarily fail. However, as this creditor has a controlling vote in your IVA proposal your IP could contact them to guage their views on your case.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[pzb]

How would you suggest I go about applying?

Many Thanks,

Barbara

[Adam Davies]

Hi
I would speak to several companies and see what they suggest,you could start with the companies that post on this site[lefy hand column under forum heading...experts]they are all bona fide companies.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[iva experts]

Hi pzb,

Your case may be seen as high risk as one of your creditors has a controlling vote. I would contact at least 2 or 3 debt solution companies, to get their advice on your situation.

What is your total amount of debt? Your disposable income?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[pzb]

Hi. Thanks for that. My total debt is just under £5,000. Disposable income is only about £100 p month (I have deducted Food,utilities travel etc. I will contact a couple of the companies listed here.
Much appreciated, Barbara

[Oliver]

It is unlikely that you will be able to propose an IVA becuase your debt is "relatively" small. You may be better in entering a informal plan or a formal arrangement through the court.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Hi Barbara,

Thanks for providing that information, as Oliver has already stated an IVA would not be viable for you as you would need a debt amount of c£15,500.

You may want to consider a DMP (Debt Management Plan) with your creditors. With a D.I of £100 you could pay off your debts in just over 4 years.

Have you considered bankruptcy?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Oliver]

If your debts are less than £5000 and you have recieved a ccj on at least one of them you may be able to ask the court to envoke an Administration Order which would see you making a regular payment to the court who would then manage these debts.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[pzb]

I'll look into bankruptcy & other options. Thankyou to everyone for your help.

Barbara

[iva experts]

Not a problem Barbara, please let us know how you get along [:D]

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/