Am having IVA proposal put together - made enquiry 3 months ago. Taking longer as I have to go for a ' lump sum' IVA of £10,000 as over next 5 years circumstances mean my salary will decrease so little/ no disposable income.
I am worried as I have had 2 defaults on personal loans from First Direct saying if I don't pay by August 24th ( tuesday) they will do oen of 3 things- includes a debt collector calling, takigng me to court for full amount.Its this latter one that is my worry.
Sent all correspondence to IP- rang Fri but proposal isnt ready yet ( staff hols). Its a different sort of arrangment to standard IVA. Am waiting for their bank details ( Cleardebt) before I can pay money in). The creditors meeting won't be arranged till this is paid in.
I am worried about this court action and fact they may take me to court to repay full amount. This is why I kep checking on progress of IVA as I want creditors meeting set up asap. How will this creditors action impact on IVA and will they do this before creditors meeting can be arranged?.This is my real worry. It has taken longer than regular IVA being set up as intitially the 5 year option was being explored so creditors have been waiting nearly 3 months now for news of IVA. Am very worried.
The letters from First Direct are standard, do not be too concerned.
As long as you keep Clear debt in the loop you will be ok, an IVA will overide any court action if it does get to that point.
Surprised that you have to pay the funds to Cleardebt rather than just show proof, I wonder if this is normal practice ?