Used credit card before signing IVA agreement. Will this affect my iva?

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ryan787
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by ryan787 » Fri Jun 23, 2017 5:29 pm
I'm currently in the process meeting of hopefully having a IVA accepted just wondered before I signed my agreement I had used my credit card for £20 can this affect my IVA . I haven't used the card since I signed the agreement ?

Sorry I'm just so nervous even though my case apparently looks crystal clear
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Foggy
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by Foggy » Fri Jun 23, 2017 5:50 pm
I don't imagine there will be a problem, but it would be wise not to use it again, now that you have actually declared you are insolvent.
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ryan787
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by ryan787 » Fri Jun 23, 2017 6:16 pm
Oh that's good news another thing tags concerns me is I've racked up on a tesco credit card by living costs and a pricey dentist bill which may affect it ?

We've agreed on £160 a month payback for 23,000 which I'll pay back £9100 does this sound reasonable ?
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Foggy
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by Foggy » Fri Jun 23, 2017 6:21 pm
I have seen dividends much lower than that accepted, but, at the end of the day, it depends on who actually votes and who has any overriding voting power. But, as we often say, the IP would not put a proposal forward unless they were confident of acceptance.
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moira717
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by moira717 » Fri Jun 23, 2017 6:49 pm
I had 50,000 debt and mine was accepted paying 153 a month which will be about 12,000 paid back so am sure you will be fine. Good luck
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ryan787
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by ryan787 » Fri Jun 23, 2017 6:59 pm
Just nervous really but there really confident I'm with credit fix .

My lioyds debt is around 16,000 ,hitachi is 5,000 ish and tescos is 1700 which i only got the credit card last month

How confident would you say it sounds ?
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Foggy
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by Foggy » Fri Jun 23, 2017 7:06 pm
lloyds, basically has the clout, if they vote --- I had a couple of lloyds group debts and they voted yes.
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ryan787
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by ryan787 » Fri Jun 23, 2017 7:12 pm
Do they normally vote ? . Ive been told loyds are normally quite good with it .

I also got told people like credit fix only get paid if they feel confident about the case Beeing accepted I'm just so nervous
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Foggy
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by Foggy » Fri Jun 23, 2017 7:31 pm
ryan787 wrote:
Do they normally vote ? . Ive been told loyds are normally quite good with it .

I also got told people like credit fix only get paid if they feel confident about the case Beeing accepted I'm just so nervous


While they are acting as your Nominee (putting forward your proposal) they generally get paid a fixed fee -- which they will not get if the IVA is rejected ( It comes from your first few payments). After that they get a percentage of payments as the Supervisors feee, so, again, will only get paid if the IVA is running.
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ryan787
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by ryan787 » Fri Jun 23, 2017 7:39 pm
Oh right should I stop worrying has much then ?.

Currently a nervous wreck
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harrysmummy78
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by harrysmummy78 » Fri Jun 23, 2017 8:10 pm
Hi It's perfectly normal to feel nervous we have all been there, Creditfix wouldn't put your proposal forward to creditors if they were not confident it would be accepted by them try not to worry too much. Spending on credit cards ect for living costs prior to your IVA being proposed I also did due the fact all my wages were paying my debt but I would advise you not to use them anymore now you are in the process of your IVA being set up. Best Of luck :).
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Oya
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by Oya » Fri Jun 23, 2017 9:33 pm
Hi .. I owed over £32k and paying £123 pm. I also had a very recent purchase just before my Iva accepted. I bought and iPad and a laptop from currys and was very concerned whether my proposal would be accepted , I was too asking so many questions in this forum and all the answers was so comforting and made me keep calm.. I am sure you will be fine.. try not worry so much but I know it's easier to say than do it.. hope things will work out for you too..
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