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Baldylocks

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Post by Baldylocks » Wed Dec 29, 2021 11:40 pm
Hello everyone,

Can i just say what a great forum this is. I have been checking it out for a while now and its been so helpful.
I have spoken with Payplan about my situation and they have gone through things with me and advised i set up an IVA.
They have a meeting arranged with the creditors for next month. The query i have is that the offer they are putting forward is £109 a month for 5 years. I think that seems a really low payment for a 32k debt!
They have worked out all my expenses and everything. I just wondered what could be the chances of it going through with such a low monthly payment.
There are 11 creditors in total. The main one being halifax with just over 15k.

Thanks

kallis3

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Post by kallis3 » Thu Dec 30, 2021 9:04 am
Payplan would not be putting this forward if they did not think it had a very good chance of being accepted. They have worked out your details and obviously the sum is acceptable to them.
I am sure you will be ok.
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

Foggy

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Post by Foggy » Thu Dec 30, 2021 10:10 am
I have seen lower dividends accepted. Payplan have put in the work preparing the offer --- if it does not get through they do not get their fees back and, so, have a vested interest. They would not invest in something they had no, or not much, confidence in. These things can never be second guessed and it all depends on what happens on the day and the mix of creditors that actually vote.
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

Baldylocks

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Post by Baldylocks » Thu Dec 30, 2021 3:09 pm
Thank you so much for your replies. I will keep my fingers crossed that everything works out.

luluj

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Post by luluj » Sat Jan 01, 2022 6:40 am
Stay in touch and let us know the outcome of your iva ... as others have said your IP must be confident of approval otherwise it would not be submitted. Best wishes for 2022
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Baldylocks

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Post by Baldylocks » Sun Jan 02, 2022 12:58 am
Thank you. I will let you know the outcome 🤞🏻

diego_sucre

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Post by diego_sucre » Sun Jan 02, 2022 12:00 pm
Hey I’m with Payplan and I had similar debts with similar payments so hopefully you will be okay :-)

luluj

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Post by luluj » Sun Jan 02, 2022 4:55 pm
Some reassurance from Diego there .
Fingers crossed for you x
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Baldylocks

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Post by Baldylocks » Mon Jan 03, 2022 12:12 am
Ah thanks Diego, thats great to hear. I hope its going well for you.

bowline

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Post by bowline » Tue Jan 04, 2022 11:54 am
Halifax can veto this IVA as they are such a large proportion of your total debt but Payplan should have said if they think this is likely.

Can I check that you have some assets to protect in an IVA? eg a house or a car?

kallis3

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Post by kallis3 » Tue Jan 04, 2022 12:24 pm
A long time ago but Halifax were one of my creditors ( a large proportion as well) and they voted 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

Baldylocks

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Joined: Mon Dec 27, 2021 3:46 am

Post by Baldylocks » Tue Jan 04, 2022 5:10 pm
Thanks your reply, i hope Halifax say yes to me.

I rent privately so have no home value.

I do have a car that does worry me as its needed to run my kids about and school runs. Its a 7 seater zafira but Payplan said they dont think i will be forced to sell it at all. I am worried though as i have read i probably will be as its valued around £6000.

kallis3

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Post by kallis3 » Tue Jan 04, 2022 6:08 pm
My car was worth more than that and we were allowed to keep it. Payplan were pretty good about that.
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

Baldylocks

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Post by Baldylocks » Tue Jan 04, 2022 11:56 pm
Thats good to hear. Hopefully they will be ok with my car and things will be ok. Have you been happy with Payplans service?

luluj

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Post by luluj » Wed Jan 05, 2022 5:21 am
I would suggest your car is of little interest to them at that value ... you need your car to get from A to B so be ready to demonstrate this should you be asked, but I would have expected it to have been raised already with you in early discussions
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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