I’ve got 38k of debt and can’t afford to keep on top of the payments.

Get expert opinion. This is the place for new questions to be posted.
39 posts Page 3 of 3
User avatar
phil926
Posts: 20
by phil926 » Mon Feb 19, 2018 9:52 am
kallis3 wrote:
You may have to! :)




I’ve had it for about a year now will that not make any difference?
User avatar
Lisa Thomas
Industry Expert
Posts: 7110
Contact
by Lisa Thomas » Mon Feb 19, 2018 9:55 am
I can't see any reason why they would want a second hand chair back.

As regards your wanting to take a month break before starting an IVA just so you are aware it will take about that long to produce the proposals and call the meeting of creditors to vote on them.
User avatar
phil926
Posts: 20
by phil926 » Mon Feb 19, 2018 5:09 pm
Lisa Thomas wrote:
I can't see any reason why they would want a second hand chair back.

As regards your wanting to take a month break before starting an IVA just so you are aware it will take about that long to produce the proposals and call the meeting of creditors to vote on them.



Thank you Lisa, yeh I had heard it can take a mth to set up, only reason I’m waiting a mth is that my last loan to clear my partners credit card which was lent to my to buy a car, didn’t think it would be appropriate to start straight away as I didn’t want to look cheeky. Also I won a ppi claim but used a company that you payed upfront but I wasn’t aware that once a win can in there would be a success fee to pay, as I’ve got no money there saying it could go to a debt company, but if I’m in an Iva what powers do they have and how bad would it affect me. Thanks
User avatar
Foggy
Forum Expert
Posts: 27490
Contact
by Foggy » Mon Feb 19, 2018 5:16 pm
phil926 wrote:
Lisa Thomas wrote:
I can't see any reason why they would want a second hand chair back.

As regards your wanting to take a month break before starting an IVA just so you are aware it will take about that long to produce the proposals and call the meeting of creditors to vote on them.



Thank you Lisa, yeh I had heard it can take a mth to set up, only reason I’m waiting a mth is that my last loan to clear my partners credit card which was lent to my to buy a car, didn’t think it would be appropriate to start straight away as I didn’t want to look cheeky. Also I won a ppi claim but used a company that you payed upfront but I wasn’t aware that once a win can in there would be a success fee to pay, as I’ve got no money there saying it could go to a debt company, but if I’m in an Iva what powers do they have and how bad would it affect me. Thanks


In an IVA, and even afterwards, the PPI refunds will belong to the creditors -- witholding any that might get paid to you after the start of the IVA will result in the arrangement being failed. However, many refunders will check and pay the IP direct.
User avatar
phil926
Posts: 20
by phil926 » Mon Feb 19, 2018 8:55 pm
Foggy wrote:
phil926 wrote:
Lisa Thomas wrote:
I can't see any reason why they would want a second hand chair back.

As regards your wanting to take a month break before starting an IVA just so you are aware it will take about that long to produce the proposals and call the meeting of creditors to vote on them.



Thank you Lisa, yeh I had heard it can take a mth to set up, only reason I’m waiting a mth is that my last loan to clear my partners credit card which was lent to my to buy a car, didn’t think it would be appropriate to start straight away as I didn’t want to look cheeky. Also I won a ppi claim but used a company that you payed upfront but I wasn’t aware that once a win can in there would be a success fee to pay, as I’ve got no money there saying it could go to a debt company, but if I’m in an Iva what powers do they have and how bad would it affect me. Thanks


In an IVA, and even afterwards, the PPI refunds will belong to the creditors -- witholding any that might get paid to you after the start of the IVA will result in the arrangement being failed. However, many refunders will check and pay the IP direct.



No I’ve been payed mths ago but I payed them £500 at the start then there saying I need to pay £183 for a success fee, my win was only £546 so I’m refusibg to pay them. But if I’m in an Iva how would it affect it if they wanted to pursue there claim even though I’ve made a complaint that this is unfair,
User avatar
Foggy
Forum Expert
Posts: 27490
Contact
by Foggy » Mon Feb 19, 2018 8:58 pm
phil926 wrote:
Foggy wrote:
phil926 wrote:


Thank you Lisa, yeh I had heard it can take a mth to set up, only reason I’m waiting a mth is that my last loan to clear my partners credit card which was lent to my to buy a car, didn’t think it would be appropriate to start straight away as I didn’t want to look cheeky. Also I won a ppi claim but used a company that you payed upfront but I wasn’t aware that once a win can in there would be a success fee to pay, as I’ve got no money there saying it could go to a debt company, but if I’m in an Iva what powers do they have and how bad would it affect me. Thanks


In an IVA, and even afterwards, the PPI refunds will belong to the creditors -- witholding any that might get paid to you after the start of the IVA will result in the arrangement being failed. However, many refunders will check and pay the IP direct.



No I’ve been payed mths ago but I payed them £500 at the start then there saying I need to pay £183 for a success fee, my win was only £546 so I’m refusibg to pay them. But if I’m in an Iva how would it affect it if they wanted to pursue there claim even though I’ve made a complaint that this is unfair,


Their outstanding fee will be a debt in your IVA and they will be one of your creditors. Sounds like they are a bit "shonky" as well !
User avatar
phil926
Posts: 20
by phil926 » Mon Feb 19, 2018 9:12 pm
Foggy wrote:
phil926 wrote:
Foggy wrote:

In an IVA, and even afterwards, the PPI refunds will belong to the creditors -- witholding any that might get paid to you after the start of the IVA will result in the arrangement being failed. However, many refunders will check and pay the IP direct.



No I’ve been payed mths ago but I payed them £500 at the start then there saying I need to pay £183 for a success fee, my win was only £546 so I’m refusibg to pay them. But if I’m in an Iva how would it affect it if they wanted to pursue there claim even though I’ve made a complaint that this is unfair,


Their outstanding fee will be a debt in your IVA and they will be one of your creditors. Sounds like they are a bit "shonky" as well !



Yeh they are, how many negative creditors would it take to throw out an Iva?
User avatar
Foggy
Forum Expert
Posts: 27490
Contact
by Foggy » Tue Feb 20, 2018 8:10 am
You need a 75% yes vote from those that do vote at the meeting. The percentage is based on the debt amount. So, if any one voter holds more than 25% of the debt and votes no, the IVA will not go through.
User avatar
phil926
Posts: 20
by phil926 » Tue Feb 20, 2018 9:51 am
Foggy wrote:
You need a 75% yes vote from those that do vote at the meeting. The percentage is based on the debt amount. So, if any one voter holds more than 25% of the debt and votes no, the IVA will not go through.



I’ve got
1x £11k
1x £10k
1x £8.5k
1x £7.5k
2x £3k
So I think that is ok as long as not more than two vote no I should b good??
39 posts Page 3 of 3
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 31 guests