So after discussing my sorry financial situation (2nd time in this mess- I have previously had an IVA) with those who know what they are doing it has been suggested that my best course of action currently is a DMP, largely due to the fact that my largest non associated creditor is Tesco (RBS) and I only took this large loan out 3 months ago (before adding to my debt by gambling) and I have only made 1 payment. It is felt that Tesco May object to a DMP on the basis that the loan is so new and I agreed the terms however they will try and obviously fight those objections however I am petrified by the chance that Tesco (or in fact any of my other non associated creditors) May seek to take legal action against me with a CCJ or charging order on my house etc as I understand this could be a possibility although the gentleman I have spoken to had said he hasn’t seen them do it however it cannot be guaranteed they won’t (I know they can’t give guarantees etc) so my question is to anyone who may have had experience of a new loan with Tesco/RBS/NatWest etc just before entering a DMP or IVA and how that creditor reacted to a DMP offer, I would just like to gauge what could happen from others experience if at all possible as I am currently terrified of the “what ifs”. I have a terrible financial position with approx £70k of non associated creditors and £60k of associated creditors (family) and am struggling to come to terms with my options (or lack of) I cannot raise enough funds for a full and final IVA which is not advised at this stage because of the infancy of my biggest loan with Tesco and if I can get any funds together it will only amount to approx £20k to offer to settle non associated creditors via the DMP which is obvs less than 40% and maybe unattractive to them. I work as an accountant registered with ACCA and I fear a formal route could mean my exclusion from membership as it is a 2nd IVA and debut accumulated through gambling so a DMP is suggested to perhaps be the best option to safeguard my job for now but even that brings big risks it seems and I am petrified of losing my job, my home and everything.
So to summarise, its a long shot but I wondered if anyone had entered into any arrangement (or tried) with Tesco/RBS/NatWest being a very new creditor (3months old) and how they viewed the arrangement, experiences would help prepare me etc so would be really helpful to hear if so. Many thanks
Tesco were one of my creditors ( credit card) 10 years ago and said yes. Like most here I had been using the card right up until I had decided to enter an IVA, but not for any large purchases, judy day to day expenses.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk