<t>Chances of approval?</t>

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Post by meg499 » Thu Dec 03, 2020 1:05 pm
Chances of approval?

Just wondering what my chances of approvals are? Im the the process of an IVA with FSS - Financial Support Systems and my creditors meeting is scheduled for 21/12/2020 at 10:30. With it being so close to Christmas, I think I’d sleep better knowing what my chances are if anyone can give me their opinions?

Total debt is c£50k and my creditors are -
Sainsbury’s Bank loan (majority in terms of value at 31%)
Salary Finance Ltd loan (13%)
MBNA CC (14%)
Virgin Money CC
Lloyds Bank CC + OD
NatWest Bank OD
PayPal credit
Secure Trust Bank loan
Vanquis CC
Home Retail Group CC
Next Directory credit
LaSer (creation)
Klarna Bank loan

My biggest concern is a rejection from Sainsbury’s, Salary Finance and/or MBNA as they hold such a large amount in value. Do they have a particular history of accepting/rejecting?

My dividend for the IVA is only 14.69p/£ with bankruptcy showing 3.49p/£ with £0.00 for creditors after all fees etc.

Things that may go against me - my partner and I bought a house 2 months ago. However, the entire deposit was gifted and his can be shown on our bank statements. The mortgage is actually £150 a month cheaper than our previous rent.

Also, any feedback or personal reviews of FSS would be amazing!

Many thanks in advance :)


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Post by meg499 » Thu Dec 03, 2020 1:34 pm
Sorry that should read “Chances of approval” not changes! [amended by admin]
Also not sure if it’s worth noting, but Virgin hold 9% of the total value.


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Post by Foggy » Thu Dec 03, 2020 5:25 pm
The house deposit being gifted is of no consequence --- being gifted means it is still an asset, unless the donor took security on the house for its repayment or owns a share of the property. Equity will not be looked at for 4 and a half years and the deposit will be part of that.

I am afraid that I cannot comment on voting habits as they do tend to change with the wind ! However, given the choice between around 11p in the pound against 3p in bankruptcy, they are likely to accept. Fingers crossed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by lauren923 » Fri Dec 04, 2020 9:00 am
I am with the FSS have been in a iva with them for 7 months and they are amazing , so so helpful , always pick up the phone and help with any questions I may have , I had around 14 creditors when applying for my iva, I had a few the same as you, PayPal credit , vanquis, NatWest and Klarna , all went really smoothly at the creditors meeting , I can’t comment on the mortgage side of things as I rent and have no assets , but I can honestly say I find the FSS 10/10, I have read horror stories from other iva companies and Iv not had one problem with FSS , I wish you the best of luck .


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Post by luluj » Sat Dec 05, 2020 4:44 am
@lauren923 that's great to hear- well done.

Hopefully that will build a little confidence although you can never say they will react the same as each iva is individual.

Here's hoping a celebratory Christmas us ahead for you
Sharing from experiences of dealing with debt

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

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Post by Ajay1992 » Sat Dec 05, 2020 3:58 pm
I am also with FSS I've been woth them for just a few months and they have honestly been amazing. As discussed also answer the phone, always polite and respectful and answer any questions I've ever raised.

Unsure about the debts but I had a majority with Vanquis and mine was accepted.
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