Step change iva or shell i contact creditors direct

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Lahoretiger

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Post by Lahoretiger » Thu Jun 25, 2020 3:28 pm
I have got my draft iva propsal from stepchange iva after sending it back will creditors email or wirte to me saying you owe us more
Will it be easier if i called creditors and made them token payments of what i could afford
Any suggestions?

Foggy

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Post by Foggy » Thu Jun 25, 2020 4:22 pm
If you agree the draft, you let Stepchange arrange the meeting and allow the process to continue. If you stop the process and negotiate with the creditors themselves there are a few potential problems: They might not agree. They are free to change their minds. They are not legally bound and might still charge interest and it could take many more years to be free of debt.
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

Lahoretiger

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Post by Lahoretiger » Thu Jun 25, 2020 5:48 pm
Step change are saying pay 267 a month initially they said 230

Foggy

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Post by Foggy » Thu Jun 25, 2020 5:55 pm
Thu Jun 25, 2020 5:48 pmLahoretiger wrote:
Step change are saying pay 267 a month initially they said 230
Usually the case ---- the £230 was probably before a full review. If your income increases during the IVA that payment will increase again. Payments during an IVA are not fixed.
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

Lahoretiger

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Post by Lahoretiger » Thu Jun 25, 2020 6:57 pm
Its on draft what are the chances off approval via step change

Foggy

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Post by Foggy » Fri Jun 26, 2020 7:14 am
Stepchange have a good approval rate, as far as I am aware, and a good reputation among creditors and debtors alike. Also, they would not put the proposal forward if they did not think it has a good chance -- if it is not accepted they do not get paid !
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

Lahoretiger

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Post by Lahoretiger » Fri Jun 26, 2020 7:40 am
They sent me a pack intial and sign each page anything to look out for?
Main creditors are natwest and barclaycard am i right in believing before they do the propsal they check with creditors to see if they will do iva
Hence high sucess rate of stepchange

Foggy

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Post by Foggy » Fri Jun 26, 2020 10:13 am
Fri Jun 26, 2020 7:40 amLahoretiger wrote:
They sent me a pack intial and sign each page anything to look out for?
Main creditors are natwest and barclaycard am i right in believing before they do the propsal they check with creditors to see if they will do iva
Hence high sucess rate of stepchange
No, they do not check before doing the proposal --- the agreement itself is in fairly standard form which has already been agreed by the industry as a whole, and gets updated every now and then. What varies are the numbers -- the terms are fairly consistent.

Do you own a property ? If so check out and understand the equity release provisions. In any event, read the thing several times --- it sets out what YOU agree to do and is YOUR responsibility to adhere to.
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

Lahoretiger

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Joined: Tue Jun 16, 2020 11:08 am

Post by Lahoretiger » Fri Jun 26, 2020 12:56 pm
If you own land in a foregin country do you have to mention not worth much
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