IVA Calculator - Do I qualify?

mumof3 wrote:

Thanks Foggy.
I can’t find it anywhere in the paperwork, I’ve looked through it twice!

What terms do you have ?

The usual clauses are that permanent pay rises are taken into consideration at the annual review following the rise and then 50% of the net increase is added to the regular payment from the month following the review --- it should be in there somewhere.

Drop an email to ian.williams "at" freemanjones.com and I am sure he will investigate on your behalf.

I gather that when they took on the HB caseload there was a back log which they inherited, which has caused a few problems and it appears that you might have fallen foul of this.

Speak to your IP and ask that they will grant you a month's payment break (so adding the missed payment on at the end). You need to also show him / her that you aren't gambling regularly --- seek to get online accounts barred and maybe get some counselling. Finally try to arrange your IVA payments t...

I am looking at entering a IVA for my unsecured debts, will black horse cancel my car finance? Most car finance firms have an insolvency clause, but many do not operate it. Maybe a Black Horse customer will come along and share their experiences. Also be aware that it is next to impossible to re-fi...

Billy12 wrote:

Hello,

Please keep me posted how you get on. I to am thinking about an IVA and currently looking for the right company.

What does the 27p to the pound mean?? Thanks for your help

It means that for each pound the creditor is owed they will get back 27pence, Billy.

I understand, as I said though attitude to lending to this type of customer has changed significantly recently, meaning the typical advice of 'you won't be able to remortgage anyway. don't worry', seems invalid. I work in the industry and regularly come across customers who have been told this at t...

Very unlikely you will be able to secure a remortgage during the IVA. New IVA protocols have a 12 month extension or a secured loan from a 3rd party of your IVA company to cover this shortfall in equity. To be honest it's poor advice advising it's 'very unlikely' to secure a mortgage whilst in an I...

It would not surprise me if they did read this forum --- and of course your forum name will give away who you are. I am pleased that they do and that they appear to act on some cases presented here. It would be very useful if they had a representative here who could assist forum member who are their...

The loans would be listed in your IVA as contingency loans. How the lenders would react I do not know, but, in theory, as long as your son continues with the repayments, they should be OK. I would suggest checking the loan agreements for any mention of guarantor insolvency.

Kritical23 wrote:

You don’t know what you’re on about

Thank you for that insightful comment.

Yes. Most proposals agree that the nominees fee charged by the IP is paid first, before money gets distributed between creditors. Also some creditors freeze actual accounts early on and set up dummy, administrative, accounts for the IVA dividends, so the statement for the actual account they send ou...

I assume that you have an overdraft or loan with your bank --- you should have been advised to change banks if this is the case, to prevent the possibility of them offsetting any funds in your account against the debt. This letter sounds like it could just be formalising the debt agreement by puttin...

Thank you- I hope I didn't cause offence I have just read a few horror stories where people have been forced to take out a secured loan for 15 years + to pay off the rest of their debt- this to me sounds awful and I suppose it depends on how much debt you are in in the 1st place if a secured loan f...

They and the IVA will remain on credit files for 6 years from the start of the IVA, if dated correctly. Have a read here: https://www.iva.co.uk/what-does-an-iva-do-to-your-credit-record No it’s not that. 6 accounts that are on my competed IVA are showing as still open on my credit file whoever the ...