Default notice received before IVA meeting of creditors

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beverley191

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Post by beverley191 » Tue Oct 16, 2018 1:12 pm
Hi I am in the process of applying for an Iva. My proposal has been submitted and creditors meeting is on 24th October. I have received a letter from American express with a notice of default served under section 87(1). I have made the min payment to them this month so not in arrears. It says they will serve the notice in 14 days and could take me to court! I'm really nervous about this who situation. 14 days is after my creditors meeting however what happens if its declined or adjourned?

Foggy

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Post by Foggy » Tue Oct 16, 2018 1:18 pm
Pass this to your IP who will deal with it for you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

kallis3

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Post by kallis3 » Tue Oct 16, 2018 1:24 pm
American Express have been told about your application which is why you have received this letter. As Foggy says - pass it on to your IP company.

Are they a major creditor?
http://kallis3.blogs.iva.co.uk/
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.

beverley191

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Post by beverley191 » Tue Oct 16, 2018 2:29 pm
Thanks I have emailed it over. They are actually my smallest debtor £700 and I made a min payment this month so I haven't yet missed a payment. I guess it's all part of the process I'm just super nervous about the whole think. Thanks for your help

kallis3

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Post by kallis3 » Tue Oct 16, 2018 2:42 pm
I'm sure you will be fine.
http://kallis3.blogs.iva.co.uk/
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.

Foggy

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Post by Foggy » Tue Oct 16, 2018 2:48 pm
beverley191 wrote:
Thanks I have emailed it over. They are actually my smallest debtor £700 and I made a min payment this month so I haven't yet missed a payment. I guess it's all part of the process I'm just super nervous about the whole think. Thanks for your help
A default is lodged when the relationship between debtor and creditor breaks down and declaring yourself insolvent is considered to be such a breakdown. During the course of youe IVA you want all of your creditors to default you, with a default date on or around the date the IVA starts --- this means that the defaulted accounts will drop off your credit files in 6 years, when the IVA does, so giving you a "clean" credit file.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
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