PAYDAY LOANS

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JMW1969

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Post by JMW1969 » Tue Aug 31, 2010 5:30 pm
Hi my creditors meeting is now set for 1pm on 21 september.
3 wks to go/

although most debts are the main bamks we have a number of payday loans. does anyone have any experience of including these to an iva
 
 

kallis3

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Post by kallis3 » Tue Aug 31, 2010 5:34 pm
I think they are ok, and your IP obviously thinks the same.

Good luck for the 21st, I'm sure you will be fine.
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
 
 

liamjames

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Post by liamjames » Tue Aug 31, 2010 5:38 pm
I assume your IP knows about these loans?

Technically you shouldn't get any credit after signing the proposal, but a lot of people agree that they are unavoidable.

If your IP agrees with that line of thinking then they will be included, and they shouldn't change the dividend that your voting creditors are expecting too much, so you should be fine.

Make sure you talk to your IP and get the official line from them though!
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

JMW1969

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Post by JMW1969 » Tue Aug 31, 2010 5:46 pm
They are part of the proposal-want to know how they vote if anyone has previous experience!
 
 

liamjames

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Post by liamjames » Tue Aug 31, 2010 5:50 pm
Oh, I getcha.

The ones I've dealt with don't vote very often- it's usually quite low debt amounts so it's not often worth the administration costs for them.

Best of luck!
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

JMW1969

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Post by JMW1969 » Tue Aug 31, 2010 5:52 pm
what about mail order catalogues next and freemans etc amounts vary from 500-3000
 
 

MARK1882

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Post by MARK1882 » Tue Aug 31, 2010 5:54 pm
Our IVA was in March this year. It included 3 payday loans. Two voted in favour & one did not vote. My IP said that they are used to people defaulting as they are the last form of credit available to people in serious debt. This explains why they charge 2000% apr I suppose.
Keep smiling. It could be worse.
 
 

kallis3

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Post by kallis3 » Tue Aug 31, 2010 5:56 pm
Your IP must be confident that your proposal will be accepted.

It will all depend upon who votes on the day.
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
 
 

MARK1882

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Post by MARK1882 » Tue Aug 31, 2010 5:56 pm
It also included two catalogues etc. They voted in favour aswell. Hope this helps. Suppose it all depends on how well your proposal has been put together. We had serious doubts our would go through but it turned out ok in the end. Keep smiling.
Keep smiling. It could be worse.
 
 

JMW1969

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Post by JMW1969 » Tue Aug 31, 2010 6:00 pm
thanks for that! i keep scrutinising the figures - we are offering 54p in the £ or bankrupcy with no creditor dividend at all if it fails- thats what IP has proposed so the odds must be in our favour we owe 45000 between us and with interlocking ivas will pay back 37000. surely they should vote yes or risk getting nothing?
 
 

kallis3

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Post by kallis3 » Tue Aug 31, 2010 6:02 pm
You're offering a good amount, I'm 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
 
 

JMW1969

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Post by JMW1969 » Tue Aug 31, 2010 6:38 pm
thanks guys. just got to wait out the 3 weeks till d=day.
has anyone had a gym membership accepted in expenditure=i have 8 months of 1 yr subscription to finish
 
 

kallis3

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Post by kallis3 » Tue Aug 31, 2010 6:42 pm
It may well depend upon how much it is. If you can continue with it out of your social allowance, then you should be able to do so.

Is it very expensive?
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
 
 

JMW1969

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Post by JMW1969 » Tue Aug 31, 2010 6:45 pm
its 46 per month- did not add as a adebt cos rather pay it and use it rather than add the 46 into the disposable income = will discuss this option with ip cos will pay it into iva after the 8 months if thats what they want?
 
 

kallis3

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Post by kallis3 » Tue Aug 31, 2010 7:01 pm
You are allowed a social allowance, so if you wanted to continue (and another payment may well have been paid before your meeting) and could afford it by making some savings, then you may be ok.

I think you should speak to your IP about it though as it is an expense, even if not included as a 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
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