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surfingruthie53

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Post by surfingruthie53 » Wed Aug 18, 2021 12:51 pm
Hi 👋
Meeting on the 31st re proposal and acceptance of IVA. It would really help me if anyone had debts with Newday ...as in Amazon,Dorothy Perkins,Fluid Credit cards....I've got debts of about £5000 on 2 of those Credit cards and I'm just wondering if anyone has any advice on whether they accepted the IVA.
Also I'm with Scottish Transport Credit Union and have about £5300 with them but they take my money straight out my wages ....any advice if anyone has had a Credit union approve the IVA would be greatly received.
Thank you 😊

Foggy

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Post by Foggy » Wed Aug 18, 2021 12:57 pm
At the end of the day it will depend on whether they actually vote and the percentage of your debt they hold. Credit unions are generally not happy with IVAs --- but, again, this will only be an issue if they vote.

Fingers crossed and best of luck.
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

lifenoteasy

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Post by lifenoteasy » Wed Aug 18, 2021 1:23 pm
The credit union will vote against it - at the end of the day the money they lent was taken from other savers.

You will need to be careful around how the impact of their voting could be.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

bowline

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Post by bowline » Fri Aug 20, 2021 11:30 am
It is common for CreditUnions to vote against IVAs. Especially if they are taking their payments from your wages.

Is that all your debts? A bit over 10k? If it is and the CreditUnion votes against, the IVA will not be approved.

How much is the monthly payment expected to be?

Foggy

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Post by Foggy » Fri Aug 20, 2021 11:39 am
Has your prospective IP discussed the alternatives with you, such as Debt Management Plans, Debt Relief Orders and even Bankruptcy ?
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

surfingruthie53

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Post by surfingruthie53 » Sun Aug 22, 2021 11:26 pm
Fri Aug 20, 2021 11:30 ambowline wrote:
It is common for CreditUnions to vote against IVAs. Especially if they are taking their payments from your wages.

Is that all your debts? A bit over 10k? If it is and the CreditUnion votes against, the IVA will not be approved.

How much is the monthly payment expected to be?
Hi...debt is £58 k and monthly payment is £173

kallis3

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Post by kallis3 » Mon Aug 23, 2021 7:05 am
How much do you owe to Credit Union?
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.
http://kallis3.blogs.iva.co.uk

surfingruthie53

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Post by surfingruthie53 » Mon Aug 23, 2021 10:41 pm
£4840 to credit union

kallis3

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Post by kallis3 » Tue Aug 24, 2021 7:19 am
If that is not your biggest debt and the others vote yes then you may be ok. What is your biggest debt?
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.
http://kallis3.blogs.iva.co.uk

surfingruthie53

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Joined: Tue Aug 17, 2021 2:54 pm

Post by surfingruthie53 » Thu Aug 26, 2021 7:34 am
Hi Kallis .
My IP has reassured me that Natwest will accept my IVA and my debt with them is £16500
HSBC £6000
Newday Credit Cards £12000.
We shall see eh x

kallis3

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Post by kallis3 » Thu Aug 26, 2021 8:39 am
Sounds to me as though it should be ok and your IP is obviously confident and the other debts will negate any no from CU as they are far higher and hopefully all will vote yes.
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.
http://kallis3.blogs.iva.co.uk
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