Worried my iva wont be accepted

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ANNED
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by ANNED » Tue Sep 12, 2017 7:20 am
Hey all im new to this and have just applied for iva. The meeting with the creditors is on the 21st of sept so not long to wait now. I was ok and thought it would be accepted until i had to add a debt that i was gaurantor for with amigo loans as my friend isnt going to pay it its now on my head and its a large amount. Im really worred now as my ip said all my other credits have to accept it for it to go ahead i have 11 other creditors most of them are only small loans the 2 biggest loans are with halifax and amigo. I was wondering if anyone knows if halifax normally accept ivas as halifax and amigo are the majority of my debt if them and amigo dont accept i dont know what i will do. Also i have used credfix to do this for me are the a good company to go with ???
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Foggy
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by Foggy » Tue Sep 12, 2017 7:42 am
Halifax accepted mine --- but it all depends on who actually bothers to vote on the day --- you need 75% by loan value, of those who actually vote, to say yes.

CF seem to run an IVA well, though have a tendency to rush things. However, their communication skills do leave a lot to be desired !

Good luck for the 21st.
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Michael Peoples
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by Michael Peoples » Tue Sep 12, 2017 8:13 am
Amigo loans accept some IVAs and reject others. They have their criteria but since you are the guarantor and not the original borrower I would hope they would be more sympathetic. Best of luck from me too.

As an aside, this does show the dangers of becoming a guarantor and we regularly see people coming to us who have been left with large debts because others have defaulted. Some of these loan companies will seek guarantors who are home owners knowing that they can move to secure the debt if the borrower defaults.
ANNED
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by ANNED » Tue Sep 12, 2017 8:26 am
:oops:
Michael Peoples wrote:
Amigo loans accept some IVAs and reject others. They have their criteria but since you are the guarantor and not the original borrower I would hope they would be more sympathetic. Best of luck from me too.

As an aside, this does show the dangers of becoming a guarantor and we regularly see people coming to us who have been left with large debts because others have defaulted. Some of these loan companies will seek guarantors who are home owners knowing that they can move to secure the debt if the borrower defaults.


Hey I didn't realise that they could change it to a secure loan as I do own my own house so hopefully this will not happen. I'm even more scared now
ANNED
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by ANNED » Tue Sep 12, 2017 8:29 am
Foggy wrote:
Halifax accepted mine --- but it all depends on who actually bothers to vote on the day --- you need 75% by loan value, of those who actually vote, to say yes.

CF seem to run an IVA well, though have a tendency to rush things. However, their communication skills do leave a lot to be desired !

Good luck for the 21st.



Yeah I know you need the 75% that's why I'm worried about the amigo loan as the ip said there hard to get to except. But if all the others accept it won't be a prob so fingers crossed. Also will I find out on the 21st if it's been accepted or do u have to wait ?? Thanks I need all the luck lol
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Michael Peoples
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by Michael Peoples » Tue Sep 12, 2017 8:45 am
If the borrower defaults and you are left with the debt as guarantor you need to make arrangements to repay. Otherwise, the loan company could seek a court judgment against you and then secure that debt against your property but actually getting a repossession order would be very difficult if you were making payments. If your IVA is rejected it may be best to try and clear the Amigo loan as quickly as possible and make token payments to the other creditors.

Is there any chance your friend will be able to pay anything as they have left you in a very difficult situation?
ANNED
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by ANNED » Tue Sep 12, 2017 9:10 am
Michael Peoples wrote:
If the borrower defaults and you are left with the debt as guarantor you need to make arrangements to repay. Otherwise, the loan company could seek a court judgment against you and then secure that debt against your property but actually getting a repossession order would be very difficult if you were making payments. If your IVA is rejected it may be best to try and clear the Amigo loan as quickly as possible and make token payments to the other creditors.

Is there any chance your friend will be able to pay anything as they have left you in a very difficult situation?


That's why I'm hoping the iva will be a accepted as I don't know if my friend will pay anything we don't actually speak anymore. It's a big loan so I wudnt be able to pay it off quickly. So I'm going to just wait for the outcome of the iva and then go from there. Will I know on the 21st if it's accepted or not or do I have to wait ?
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Michael Peoples
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by Michael Peoples » Tue Sep 12, 2017 10:16 am
Amigo usually vote in plenty of time so make sure your IP lets you know as soon as they do.
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Foggy
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by Foggy » Tue Sep 12, 2017 10:23 am
Most firms will phone you shortly after the meeting time --- CF tend to wait until you chase them! But you should know on the day. Sometimes meetings are adjourned but not often.
ANNED
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by ANNED » Tue Sep 12, 2017 10:31 am
Foggy wrote:
Most firms will phone you shortly after the meeting time --- CF tend to wait until you chase them! But you should know on the day. Sometimes meetings are adjourned but not often.



I'll be ringing them on the 21st then if I don't hear anything. So fingers crossed Thanks again
ANNED
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by ANNED » Tue Sep 12, 2017 10:33 am
Michael Peoples wrote:
Amigo usually vote in plenty of time so make sure your IP lets you know as soon as they do.


Does amigo usually accept or reject I know everyone is different but is there a high % for or against in ur experience ??
Francesca
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by Francesca » Tue Sep 12, 2017 10:59 am
Wishing very best of luck. I am with CF, my advice, any issue during your IVA, contact straight your IP, as their customer service is useless and never gets back to you.
Also on the day of our meeting we rang them an hour after meeting as we couldn't wait any longer. Been told they were "just about to ring us" (yea yea I bet they were).
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Michael Peoples
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by Michael Peoples » Tue Sep 12, 2017 11:45 am
It is hard to give a percentage figure for rejections. However, even when they do reject we will usually try and reach a settlement so they are open to negotiation. Hopefully they accept yours first time round but if not the rejection can be turned around.
ANNED
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by ANNED » Tue Sep 12, 2017 3:21 pm
Francesca wrote:
Wishing very best of luck. I am with CF, my advice, any issue during your IVA, contact straight your IP, as their customer service is useless and never gets back to you.
Also on the day of our meeting we rang them an hour after meeting as we couldn't wait any longer. Been told they were "just about to ring us" (yea yea I bet they were).


Hope u don't think I'm stupid but is my ip the guy from cf that is setting it up ?? The thing is they never gave me a time they just said the 21st. Also do u think it's worth doing my nerves r wrecked but have no choice really
ANNED
Posts: 87
by ANNED » Tue Sep 12, 2017 3:22 pm
Michael Peoples wrote:
It is hard to give a percentage figure for rejections. However, even when they do reject we will usually try and reach a settlement so they are open to negotiation. Hopefully they accept yours first time round but if not the rejection can be turned around.


Ok thanks for ur advise I'll wait to see on the 21st fingers crossed
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