Originally told that we are not suited to an IVA

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lou lou

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Post by lou lou » Wed Jul 28, 2010 7:49 pm
Yes I will, Thanks
 
 

lou lou

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Post by lou lou » Wed Jul 28, 2010 7:57 pm
I do just have 1 question, we have 1 creditor that is owed more than 25% they also have the charge on the house does this mean we have no chance or is there another way around this? I don't know !
 
 

lou lou

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Post by lou lou » Wed Jul 28, 2010 8:27 pm
I now realise that 25% debt with one creditor is no good.What about if we found a way to pay one of the debts to this creditor back to reduce 25% then look at an IVA in the future,just these debts are larger amounts and so could upset the other creditors.
 
 

Adam Davies

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Post by Adam Davies » Wed Jul 28, 2010 9:14 pm
Hi
The creditor that has a charge on the house would not form part of the IVA, generally, as this is now a secured creditor. All your other creditors would be included in your IVA. You would continue to pay your mortgage and the agreed amount, if any, for this secured creditor
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Andam Davies
 
 

lou lou

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Post by lou lou » Thu Jul 29, 2010 8:01 am
We may be able to raise 7/8k, can this be put forward as part of the IVA proposal,because the house would not be included on it? What usually happens in these circumstances please?
 
 

Michael Peoples

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Post by Michael Peoples » Thu Jul 29, 2010 9:41 am
If the creditor has a charge against your property they will not be involved in the IVA. Given that you have no equity now as a result of the charge creditors may be happy to accept an up front lump sum to exclude the property.

It would be worth considering an IVA and taking other advice. If you are not suitable your DMP would continue unaffected and if creditors accept the IVA you will have a date to be debt free.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

lou lou

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Post by lou lou » Thu Jul 29, 2010 7:38 pm
Thanks for all your help everyone,unfortunatley link financial have more than 25% of debt so we can't do an Iva.
Never mind we will just have to work harder!
 
 

Adam Davies

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Post by Adam Davies » Thu Jul 29, 2010 10:04 pm
Hi
Do they have a charge on your property ?
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Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Fri Jul 30, 2010 1:49 am
Let them get the charge and then do the IVA. They are an unhelpful creditor when it comes to IVA acceptance, but when the charge is in place you can come to an arrangement with them for ongoing payments and use the remainder of your money to pay the supportive ones.
Regards, Melanie Giles, Insolvency Practitioner
 
 

lou lou

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Post by lou lou » Fri Jul 30, 2010 6:32 am
No they don't but if they as aggresive as everyone seems to say sounds like it's just a matter of time!
 
 

Michael Peoples

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Post by Michael Peoples » Fri Jul 30, 2010 9:35 am
Link Financial do accept some IVAs and it may be worth sending them a mini proposal before you totally discount an IVA. You should consider taking a second opinion.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

lou lou

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Post by lou lou » Fri Jul 30, 2010 3:40 pm
What about the 25% thing?
we have charge 19k, LF 10K,Llyds 9k and others are a mix.
Thinking it is highly unlikely!
 
 

MelanieGiles

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Post by MelanieGiles » Sat Jul 31, 2010 12:22 am
Unless you are offering a ridiculously high dividend - in the region of 90p in the £, Link are unlikely to accept in my experience.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Pugwash

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Post by Pugwash » Sat Jul 31, 2010 3:44 pm
I too was told that I couldn't have an IVA because my wife didn't work. I then spoke to another company and they say thats not a problem and they are setting everything up for me now. I suspect the first company was a DMP company. They said it would cost me around £225 per month for 11 years my disposable income was only £160 and they knew that. I learnt to always try a few companies. Although I get calls regular from the first company demanding the paperwork to be signed and the first payment to be paid which was £350. So trying a few companies is best
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