Failed IVA and BR questions and SOA

blind-as-a-bat_2

Rylynn wrote: »

Okay have been reading around and replying and in doing so it has thrown up a question.

I have just re read the letter from the IVA people, and in it are the list of creditors, I mentioned I got three letters, which I now need to find. Two I know were from Eversheds, one was from some other company that they had bought my debts. One arrived in July 2 in August. Having been told the BR had failed in June I wondered why any company would buy these debts?

I have now looked at the list, and how on earth I am supposed to remember who the original debt was with (other than getting hold of IVA company) beats me, as run away other half took all details with him back in 2004, which the IVA people knew, but sorted out.

I now see that Capital One Bank and HBOS are the only ones I recognise as names. Then I have Link Financial and 4 now to Max Recovery! Eversheds who I got the two letters from are not even listed? are they also Max Recovery. Can I ask the IVA people when these were sold on and why? as I have no idea how this works, and why people buy debts that are not going to be repaid?

Maybe it is me being totally stupid, but the paper trail is going to be a nightmare when I do not have any of the original loans to go by.

Sorry but it just seems very very strange to me that these debts were sold on after I was told in June it had failed and then did not receive the confirmation of failure until September, is this some sharp practice???

Looks like a letter will be needed this week to IVA people to see what I can get in writing from them regarding original lenders as the OR surely will think I am totally stupid if I do not now bearing in mind some of these loans go back to 1998 I think.

OK your organel creditor will have dumped them when they heard your IVA was going to fail, its not the IVA company thats sold them.

the origanal creditor will get anything from 5p to 25p for every pound that was owed, so the new owner doesnt have to recover much to cover the risk or even show a profit, thats why they buy them, eversheds bought one of mine after BR in the hope there may be some money to be had from my estate, but i know there wasnt so they lost out on that one:p

Its just a big game (to them ) Rylynn

Rylynn

What is the DCA please as I have no idea on that term?

Oddly I did not think they could get under 27p as I was told by the IVA people if it was under that they would refuse the IVA, the creditors that is, but I was GREEN BAAB.. very green or I would have taken other advice and gone BR in 2005.

BAAB I was told in JUNE, but not notified til September in writing from the IVA people so how did these companies find out??? which is why I said sharp practice?

I dont care who owns my debts to be honest as I cannot repay them, but I will have to now explain to the OR unless the IVA people give me the original creditors that I have no idea, and how stupid am I going to look then.

A big game is about right! the original creditors got 1300 between them.. and the IVA people got around £4k some big game really...

Thanks for your replies, I will write to IVA people tomorrow and hope they reply I have some other things to ask them to send to me, so lets hope they do, then I can get on with this.

Will post up my SOA shortly for you all to mull over as well, need to eat first, I tend to forget about eating these days.

blind-as-a-bat_2

Rylynn wrote: »

What is the DCA please as I have no idea on that term?

Oddly I did not think they could get under 27p as I was told by the IVA people if it was under that they would refuse the IVA, the creditors that is, but I was GREEN BAAB.. very green or I would have taken other advice and gone BR in 2005.

BAAB I was told in JUNE, but not notified til September in writing from the IVA people so how did these companies find out??? which is why I said sharp practice?

I dont care who owns my debts to be honest as I cannot repay them, but I will have to now explain to the OR unless the IVA people give me the original creditors that I have no idea, and how stupid am I going to look then.

A big game is about right! the original creditors got 1300 between them.. and the IVA people got around £4k some big game really...

Thanks for your replies, I will write to IVA people tomorrow and hope they reply I have some other things to ask them to send to me, so lets hope they do, then I can get on with this.

Will post up my SOA shortly for you all to mull over as well, need to eat first, I tend to forget about eating these days.

You can only do what you can to make sure you get all the correct detail for your forms, but the OR will be able to get the correct details if any are wrong, it will create work for them so they may pass the odd "shrp" comment, but its tough, thats what your paying them to do with the £350 OR,s deposit, so let em earn it:D

Just do the best you can, you can do no more

deedee_3

DCA =debt collection agency

How much the DCA's paid for the debt has nothing to do with what you have agreed to pay in an IVA. The original DCA may have not known but may have decided to cut what they thought was dead wood. As BaaB says it is all a game to them.

So_Sad_Angel

Hi Rylynn

Not sure if this helps but I think Barclays Group used to use Eversheds as their Debt Collection Company ( I think they term themselves as `solicitors`?) Anyway were any of your debts with that company/subsiduary?

Angex

Rylynn

Oh bliss I have put off even filling the forms out yet, but will write to PP tomorrow and ask for details, I will try to also find what I have here, but as I said when very ill mother had a CLEAR out, problem is she cleared out paperwork that was needed!! mothers what would you do with them, mind you what would some of us do without them! and I am in the latter.

I just cannot fathom why anyone would buy a debt or debts when the reason for failed IVA is on the certificate as long term illness and reduced hours on return to work! but if as you say they buy "job lots" I guess they dont get to see what is what.

I guess you have to laugh that they buy these to get ZERO return?

Sorry I meant the original creditors got 27 pence in the pound to get the IVA through, not if they then sold it on.

It is a real learning curve this, and I can see why these IVA people are out there, to make mega bucks out of people like me, who was stupid enough to accept their advice as the CAB gave me their leaflet! I remember being so distraught I would have taken anything to lessen the phone calls and the stress it was causing not only me but my mother as well as she often answered the phone.

I can even remember my first meeting with their advisor, in a CAR PARK on the motorway! maybe I should have thought then was this the place to be doing an interview with someone.

RL

Rylynn

Oh sorry So Sad Angel, did not see your reply must have been replying myself, that is helpful as I had a Barclays account (with overdraft), a Barclay loan and credit card as well as some other account where you paid so much back and could take some out when you were £500 in credit, another very bad deal! to tempting by half, thank god I now have been over 3 years without any of this, at least the IVA has taught me to live within my means!

Oddly Eversheds do not show on this statement from IVA people so I can only guess that this company Max Recovery have something to do with Eversheds.

Odd thing was all letters said DO NOT REPLY for your information only we are dealing with your bankruptcy officer, that is now funny as the only officer is ME it would seem as the IVA people are sure not dealing with my BR.

RL

Rylynn

Okay I hope this copy and paste works if not will have to do it all manually

Monthly income after tax................ 875 approx will explain
Partners monthly income after tax....... 0
Benefits................................ 418 includes Child Allowance
Other income............................ 150 from mum aged 74 shortly to retire
Maintenance ......................... 99
Total monthly income.................... £1542

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 426
Management charge (leasehold property).. 0
Council tax............................. 119
Electricity............................. 67
Gas..................................... 55
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 390
Clothing................................ 30
Petrol/diesel........................... 70
Road tax................................ 10
Car Insurance........................... 29
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0[/font]
Contents insurance...................... 0 need to get some!
Life assurance ......................... 0 have work cover
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 0
]Holiday................................. 30
Emergency fund.......................... 5
Total monthly expenses.................. £1412

Assets
Cash.................................... 0
Shares and bonds........................ 0
Car(s).................................. 980
]Other assets............................ 0
Total Assets............................ 980

Secured Debts
Non

Unsecured Debts
Description....................Debt......Monthly.. .APR
total from IVA people says 55.607.85 not sure if this is before or after the payment out of 1351.55 they have made on 3 Sept. That is for 7 creditors although Barclays have more than one in that amount.

Monthly Budget Summary
Total monthly income.................... 1542
]Expenses .............................. £1422
Surplus...................... £140
Minus the Child allowance of 18.80 per week, 81.51 per month
So SURPLUS is £59 per month.
Now if mum were to die, god forbid, I would be without her £150 but I would also not be buying her food
Available for debt repayments...........
Monthly UNsecured debt repayments....... zero have been in an IVA and not paid due to sickness, now failed the IVA, so not paying anyone right now hence going Bankrupt, as I have nothing to pay anyone with.

God I hope my online calculator is working properly.

Okay all thoughts very much welcomed.

Okay I can see if they disallow certain things here I will be at £109 pounds I am looking at holiday, emergency and also birthday/Xmas so maybe I need to look at this again.


It is a 3 bedroomed semi council house, has double glazing but gas and electric likely to go up by another 15 per cent in January I have read, so I if put these bills up by 10 per cent to what they are on here now, would that be okay or not, I am in credit as I pay monthly but only be just over £2 on each bill whereas last year I was well over £ 40 in credit on the summer months! ouch!

I hope the figures add up I have checked them several times

Rylynn

On my wages they are actually £869 but I am paying back an overpayment at £50 per month, but have been advised to alter my working to work one less day which will mean one less hour a week, so have tried to guess what my wages will be when all this is right. IE, no payment of £50 per month, and think one less hour will be around the same but put my wages in slightly higher as not paying tax NI or pension on the £50 if that makes any sense to anyone.

dalip

Rylynn wrote: »

Okay I hope this copy and paste works if not will have to do it all manually

Monthly income after tax................ 875 approx will explain
Partners monthly income after tax....... 0
Benefits................................ 418 includes Child Allowance
Other income............................ 150 from mum aged 74 shortly to retire
Maintenance ......................... 99
Total monthly income.................... £1542

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 426
Management charge (leasehold property).. 0
Council tax............................. 119
Electricity............................. 67
Gas..................................... 55
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 390£400
Clothing................................ 30£60
Petrol/diesel........................... 70
Road tax................................ 10
Car Insurance........................... 29
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0[/font]
Contents insurance...................... 0 need to get some!£20
Life assurance ......................... 0 have work cover
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 0
]Holiday................................. 30
Emergency fund.......................... 5
Total monthly expenses.................. £1412

Assets
Cash.................................... 0
Shares and bonds........................ 0
Car(s).................................. 980
]Other assets............................ 0
Total Assets............................ 980

Secured Debts
Non

Unsecured Debts
Description....................Debt......Monthly.. .APR
total from IVA people says 55.607.85 not sure if this is before or after the payment out of 1351.55 they have made on 3 Sept. That is for 7 creditors although Barclays have more than one in that amount.

Monthly Budget Summary
Total monthly income.................... 1542
]Expenses .............................. £1422
Surplus...................... £140
Minus the Child allowance of 18.80 per week, 81.51 per month
So SURPLUS is £59 per month.
Now if mum were to die, god forbid, I would be without her £150 but I would also not be buying her food
Available for debt repayments...........
Monthly UNsecured debt repayments....... zero have been in an IVA and not paid due to sickness, now failed the IVA, so not paying anyone right now hence going Bankrupt, as I have nothing to pay anyone with.

God I hope my online calculator is working properly.

Okay all thoughts very much welcomed.

Okay I can see if they disallow certain things here I will be at £109 pounds I am looking at holiday, emergency and also birthday/Xmas so maybe I need to look at this again.


It is a 3 bedroomed semi council house, has double glazing but gas and electric likely to go up by another 15 per cent in January I have read, so I if put these bills up by 10 per cent to what they are on here now, would that be okay or not, I am in credit as I pay monthly but only be just over £2 on each bill whereas last year I was well over £ 40 in credit on the summer months! ouch!

I hope the figures add up I have checked them several times

That would be better than upping your gas and electric,see what the others think.D