What are my chances of IVA being accepted with Credit Fix?

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Lauren1995

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Post by Lauren1995 » Wed Jul 10, 2019 3:41 pm
what are my chances of being accepted? being accept will change my life stress and worth free... I have about 21,000 in debt. £14,000 to Natwest loan, Barclays finance £4,000, 2 credit cards : £1250 and £111 and paypal £900 and payday loan £217. if I get accepted ill be paying £104 and 12.80p/£ is this good enough I get about £1000 a month wage. how do creditors look at a iva? what gets them to accept or decline. just worrying im with credit fix, just feeling like the service isn't very good.

Foggy

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Post by Foggy » Wed Jul 10, 2019 3:50 pm
To be honest your dividend is a bit low -- but that doesn't really matter if the creditors are getting a better deal from the IVA than if they, say, took you to court -- and I have seen loewer accepted.
Also CF tend to charge much higher fees than many other forms, which reduces the amount the creditors actually get.
But CF wouldn't put the work in and offer the proposal if they didn't think there was a good chance because, if the IVA is rejected, they get nothing !
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

Lauren1995

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Joined: Sun Jul 07, 2019 7:42 pm

Post by Lauren1995 » Wed Jul 10, 2019 3:56 pm
Wed Jul 10, 2019 3:50 pmFoggy wrote:
To be honest your dividend is a bit low -- but that doesn't really matter if the creditors are getting a better deal from the IVA than if they, say, took you to court -- and I have seen loewer accepted.
Also CF tend to charge much higher fees than many other forms, which reduces the amount the creditors actually get.
But CF wouldn't put the work in and offer the proposal if they didn't think there was a good chance because, if the IVA is rejected, they get nothing !
I dont really understand all this dividend etc? CF did say they was gonna try and make the payments low enough so I could afford. so how much will they getting like you said the dividend is abit low?

kallis3

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Post by kallis3 » Wed Jul 10, 2019 4:04 pm
It is what the creditors will get out of your payments but if CF say they can do this you may be ok.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Wed Jul 10, 2019 4:24 pm
Basically it means that. for every £100 you owe your creditors, they will get back £12.80.
In total you will be paying in around £6240. Of that CF will get around half of that, leaving the creditors around £3,000. That is a dividend of 14.5 p in the £, so I am guessing I have been a little light on the fees.

During the IVA you will also have to pay in a share of any extra income you get, so maybe they will all get a little more.
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

Lauren1995

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Joined: Sun Jul 07, 2019 7:42 pm

Post by Lauren1995 » Wed Jul 10, 2019 4:28 pm
Wed Jul 10, 2019 4:24 pmFoggy wrote:
Basically it means that. for every £100 you owe your creditors, they will get back £12.80.
In total you will be paying in around £6240. Of that CF will get around half of that, leaving the creditors around £3,000. That is a dividend of 14.5 p in the £, so I am guessing I have been a little light on the fees.

During the IVA you will also have to pay in a share of any extra income you get, so maybe they will all get a little more.
seems low to me but if the ip clearly thinks it will be accepted, Im worrying now :/ im thinking no change of it being accepted.

kallis3

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Post by kallis3 » Wed Jul 10, 2019 5:04 pm
They would not put it forward if they didn't think it would be accepted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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