Setting Up An IVA. Creditor threatening they wont agree

john_kent

Hi

I am in the process of setting up my IVA and awaiting date for creditors meeting.

One creditor called yesterday and basically said that unless I come to a seperate agreement with them they will block the IVA as they have more than 25% of debt.

Is this legal.

I advised them that as I have no assets than my only other option is bankruptcy.

My IVA document advises that they will get 40% of the debt I owe them where as bankruptcy will be 0% .

I have no assets and it was only the fact that I want to repay that I didnt go for baknruptcy.

However they have said that if I pay £1000 of the £12000 I owe they will agree to the IVA

And this is a major "Ethical" bank"

foreverautumn

DO NOT I REPEAT DO NOT. Take any notice of them. You are only talking to jumped up little squirt in a call centre. Trying to achieve nice little bonus. Firstly if you paid them, you would be treating them as a preferencial creditor. Which would put a big spanner in the works as far as your IVA is concerned. This person has no say to your IVA. Someone from a totally different department, will be voting on your IVA, or the debt may even have been passed on by then. Also 40p in the pound is an excellent dividend. I would ignore the telephone from now on, until after your creditors meeting. I would also tell your IP what they have said to you. Try not to worry.

john_kent

I just cant believe what this company has done to me over the years. I once had seven calls in an hour from them. I know for sure that when I am out of this whole then I will not be going near them with a pole that belongs on a Barge.

On the opposite side , one creditor phoned me up and asked how i was going and wish me luck and if I need anything just call and were sypathetic .

bernard828

Most IVA voting is done by large accounting firms who might do the voting for more than one creditor. It's all outsourced. No-one in a call centre will have anything to do with any voting. Nor will your relationship with your bank or any notes on your account have any impact on the voting, as the accountant will purely focus on the merits of your case. In conclusion, the gentleman who called you is vermin on two legs and should be fired.

seen_the_light_2

just read your post and I would not worry.

I had 2 creditors vote against my IVA when I set it up almost 5 years ago and it still went through. You didnt mention which creditor is hastling you but if its MBNA dont worry about it, as they treat everyone like that and you will have the last laugh ( granted laugh isn't the correct word to use )

Not sure who you have chosen to arrange your IVA, but Debt Free direct are really good. I had some problems and my IVA was extended as opposed to failing and im now 18 months away from finishing and counting.

regards

STL

lexie2005

They are just trying to scare you, with us it was MBNA & they were pure evil with all their threats & in my opinion bullying tactics & then they didn't even vote. Try not to worry & hope all goes well for you x

FavDaughter1

Hi, it's really hard when at this point& you're getting such calls&letters,people post here to ignore them...but it scares you. having only got our IVA through last month i can tell you the posts are correct. you mustn't pay them a thing.

ignore,ignore,ignore! these people just want their money,will say anything. 1 guy told my hubby, "i'll be voting on whether you're IVA ia accepted or NOT". COMPLETE LIES.

we had 1 creditor vote no, 1 didn't vote,the rest(1 creditor held most of the debt)ALL voted yes....BR showed what they'd get otherwise. 40p is v good,much better than our situation,keep hope x