I was not referring to any of your comments in your previous post, simply wanting to get an angle on how recycling credit would affect; if at all, my IVA proposal.
I can quite understand how people would increase there debt balance before proposing an IVA, and Im sure their are a thousand and 1 reasons why.
Besides I cannot see fraudsters wanting to canvass the opinion of this forum - can you?
I hope you was not reffering to my comments as fraud/deception. But they are genuine things that folks will worry about. There are things like home improvements etc that people will worry how will i do these things when in an iva. Then you are getting advised to try and sort this out before entering an iva. I was trying to get answers to mine and others obvious concerns. If that is how concerns are interpetrated then i shall not bother asking anymore questions.
I recently had a case where a loan representing more than 25% had been taken out six months prior to the IVA application. This creditor rejected the IVA on the basis that they felt this had been staged by my client - which was completely untrue but this was the perception they had reached.
My colleague recently had a case where a creditor with more than 25% of the aggregate debt has been secured by an interim charging order prior to us being instructed. This creditor refused to accept the IVA, as they saw a better outcome for themselves in continuing with the charging order - regardless of the position of other creditors.
In another case, a major creditor who has criteria which dictates that if the debts could be repaid in under 7 years on a non-interest and fee paying DMP they will reject the case. This is also the case for MBNA who apply the same rule but extending their criteria to 10 years.
These are a couple of examples, and it would be impossible for any IP to be able to list all the reasons for creditor rejection as it very much depends on their reviews on a case by case basis.
I have spoken to 2 companies of late, but our progressing down the IVA route has been put on the back-burner of late due to a family members health concerns (nothing in my opinion transcends the well-being of loved ones - not even Mercers & co)
I have been liaising with Melanie N within your office prior to Xmas, and will again open up dialogue again.
Absolutely not. I have done many IVAs with this type of creditor, and they tend to be very supportive of IVA proposals. Have you discussed this with your proposed IP?
Yep it sounds like were at a similar level within the IVA process. We, of course are just the tip of the iceberg. It never seems to amaze me as to how many people I know on the Insolvency Register, who have opted for an IVA to address their debt problems.
Gd luck with your journey.
Sorry if i over reacted sinking fast, but if you read your post back too yourself. It may give you a little giggle, putting yourself in my position how it came across. Hope your family member is ok. Looks like we maybe going through the next five years together on here. Best wishes.
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