Iva

nissan25

Hi all

anyone had experiences with the below companies with an IVA?

Nationwide- Loan & Overdraft
MBNA - Credit cards
Barclays - Credit cards
Santander - loan

Do they accept IVA proposals?

JokerDurden

I had MBNA who then sold on the debt to Max Recovery whilst IVA was being agreed and then Barclays sold theirs onto FSS. Didn't have any problems though and all have been marked as satisfied after completion.

doelani

nissan25 wrote: »

Hi all

anyone had experiences with the below companies with an IVA?

Nationwide- Loan & Overdraft NO
MBNA - Credit cards YES approed IVA 4 cards between hubby and myself
Barclays - Credit cards YES approved IVA
Santander - loan YES approved IVA 2 loans

Do they accept IVA proposals?

Our IVA was for 54p in £ but had it approved by all companies.

Should add as with previous Santander and MBNA where passed to Max Recovery also .

Barclaycard never claimed the money owed when IVA finished even though IVA company contacted them a number of times so money owed to them ended up excluded from pay out , this did not effect the debt still being satisfied.

FoggyBrain_2

Did you get their share of the dividend back, Doelani, or was it shared out amongst the others ?

doelani

FoggyBrain wrote: »

Did you get their share of the dividend back, Doelani, or was it shared out amongst the others ?

it was used towards dividend to others, IP tried for about 6 months after F&F to get them to claim and in the end as I was pushing them for completion certificate they just excluded them. Not a small amount , was almost £2k but their loss.

FoggyBrain_2

Thanks ... have to keep an eye on that -- they are one of mine. Although I am only a couple of months in and I am sure I won't remember in five years time !

nissan25

thanks all for the replies - i have passed the advice onto my friends.

she advises she done the cccs debt remdy tool but it keeps throwing out a DMP, however she would like to enter into an IVA.

it would appear that cccs want her and her partner to do separate
debt remedies as the debt is not joint! the onlt thing joint is the mortgage - which is treated separately anyway.

however for both it keeps providing DMP rather than IVA's. this is not really a solution for them.

Can they request IVA's rather than DMP's?

Obviously DMP's are paid over a longer period ( and favour the creditors) but in my opinion their credit ratings are taking big hits so they would save alot more money going the IVA route.

Any advice welcome.

FoggyBrain_2

DMPs are OK as a short term fix -- but not regulated by law and could last for decades! Best bet is to chat to a few IP companies ( which can be found at https://www.iva.com). CCCS itself is primarily a DMP company -- they push IVA's on to their sister company.

nissan25

Cheers for the info foggybrain.

CCCS advises they recommended a DMP (£356 pm over 6.5 years)based on the info provided and on balance that an IVA may not be accepted.

I note from other posts that cccs is funded by the financial sector and therefore most likely to side with them as an attempt to get all the debt back.

Friends have no problem repaying what is owed but there is no guarantee the creditors will stop contact / pursuing their own further recovery action (including court) and this is the main reason for them contacting CCCS for help and support.

thanks for sending the link of iva companies but they seem reluctant to go with a profit making IP /company who are out there to take advantage and the fees associated with setting up IVAs.

I know payplan operate similar to cccs.

Any further advice would be greatly appreciated.

FoggyBrain_2

No woirries, Nissan25,

All of the IP / companies make money, despite how they hide it. Payplan can work out somewhat more expensive in certain circumstances. Basically they WILL take around £1800 for setting up the IVA and thereafter 15% of what you pay in as supervisors fees. How they disguise this ( and it is the same way most reputable companies do it, only they are upfront about it) is the money doesn't actually come from you -- it is deducted from the payments made to the creditors --- but the company: CCCS, Payplan et al DO get paid!. The companies taking advantage are those that ask for a lump sum from you in advance.

If your friends enter a DMP, there is no guarantee whatsoever that the creditors will stick to it, no guarantee that they will stop interest and no gaurantee that they won't sell the debt on to a less co-operative company. That time scale of 6.5 years is IF they do stop interest and IF they stick to the agreement.

An IVA is protected by the courts and is based on affordability. Basically they add up your allowable expenses, take this from your income and what is left is paid to the creditors (minus the IP's "cut"). Generally (unless the disposable income is high) a fair percentage of the debt will be written off at the end of the IVA.

At the end of the day NOBODY works for nothing ---- the fact that they try to con you that they do should ring alarm bells.

Your friends will lose nothing by chatting to a couple of other companies listed in the link I gave you, if nothing else, to compare what they say. Their initial advice is free (really).

nissan25

cheers will pass on.

hopefully someone can help them with an IVA rather than DMP because if the legally binding element even if they pay fees (during the IVA) because this far outweighs the DMP