Loan

aayush

Hi Can I ask a quick question
I took out a personal loan out 5years ago for some one else who had advised that once his fund arrive he would pa me back double the amout taken but he said he would pay towards the monthly charge which he did and after a few months he stoped and his reason was his other creditors had advised him that the reqiure him to pay them first
the reason given shown below

also regret, ( not your problem ofcourse) that I cannot ask or accpt a loan from any relative , friend to give you, as you are not a preferential creditor... This is the legal position and is under constant review by my other Creditors who do conduct a review of my Income and Expenditure , including asking for bank statements and Income proof.
They have all entered into a IVA with me which is legally binding but I too have to keep my side of the arrangement , in that, I have to advise them if there is a change in circumstance.. Which I do

But i now need the money and get the above thrown at me all I have email saying would get double money back but with the interest and other debts to clear will lose out in the end

Is there anything I can do to get my money plus additional interest to cover the time plus had PPi issue on going with the loan as at the time Loan rates where high

as this issue is affecting our personnel relationship

await your resp

aayush

Apples2

Guess what the V stands for in IVA??

Voluntary - it is NOT a legally binding agreement. He is simply spinning you a yarn in order to avoid repaying you.

He is correct that his income & expenditure is being analysed though.

If you manage to get anything back, great. If not, take the lesson.
Anyone asking you for a loan is doing so because nobody else will lend to him. They all knew he cannot repay a loan.

skintandscared_2

It is true that on an IVA you can't have any preferential creditors. Under the agreement, your debt should be included among the list of creditors and you should receive the same pro-rated portion of his monthly payment that the rest of his creditors receive (i.e. if he owes you £5k and another creditor £10k and pays a £150 monthly payment, you will get £50 and the other creditor will get £100 - possibly minus the commission of the IVA operator, which can vary greatly!)

Are you receiving anything from the IVA company? Have you been asked if you agree to the IVA at all? For an IVA to be established, 75% of the DEBT must agree to it (so if just one creditor is owed 75% or more of the total debt owed, they alone can decide if the IVA should be allowed or not).

So, basically, it's true your friend can't pay you what he owes you directly, but you SHOULD be included in the IVA payments. I would certainly forget the "double" promised ....

aayush

Hi thank you for the responses can any one do me template of response that i can send to my friend to show that t i to know what the law is thus he need to arrange for my repayment other wise i will need to take legal action to get back what is owed as i think he is under impression i will not do that thus as apples said he spinning me yarn

As I never thought a person can change so quickly as at time i living with parents but past 3 years have flat wife and now 11 month baby thus expenses increase as income is same

Apples2

What do you have in writing already from him to say you have loaned him money?

How can you prove this agreement you had exists?
He will say the money was a gift.

I wouldn't go telling any legal body you were lending money out asking for DOUBLE back again.

skintandscared_2

What worries me is that he says "they have all entered into an IVA with me" but you have not been contacted... that suggests that he hasn't included the loan from you in his IVA arrangement. Ask him to confirm that he's included your loan in the IVA and ask for details of the IVA arranger. If he has missed you off, he can contact them and ask for you to now be included. You should be receiving the same pro-rata payments as the other creditors.

I know it's not much help, and not the amount you wanted to get back in the speed you need it but take heart - it could be worse. A man who owes my OH £21k went bankrupt to avoid paying it and we'll probably never see a penny. At least this way - although it will be small amounts - you will hopefully get something back!!

aayush

Hi apples

I have email to say i have lent me the money and on rec of his fund will pay me bback the loan plus the same amount

Hi skintand scared i will put this in an email to him

but would like tempalte of email listing the issues thus he is aware I have looked around a got the information i require

Regards

Aayush

aayush

please see the resposne

from the person i lent money to

The question of '' Holday Payment break' was mentioned to you few months ago as I was hoping to get from my Mortgage Company but it was turned down.

I can tell you that even to this day all my Creditors ring me to offer up to 60 % write off of the debt which is ongoing as I can opt for that anytime I can raise 40% ... So , when SI pay me they will only get 40% ... Imagine what would happen ,if you have had and if you wish to have a Formal IVA.

As much as you .have shown me your p/mth.hate, distrust, disregard, and the rest, I suggest you keep to the Informal,,, Gesture of goodwill arrangement of 15.00 .. I will leave that to you to decide..

Please read the whole of this email as it is important to see and understand what would be the outcome

if you had entered into a IVA .. Hence , you will see below why I did not offer you IVA as you would have to go along with and IVA arrangement if 75% of my Creditors agree to it. 99% have agreed . and do have an IVA


I left the '' door open '' as a friend , to be able to make an increase in payment as an when ( under a gesture of goodwill arrangement.)

If you entered into an IVA after 5 years the remainder of the unpaid has to be written off which would be the outcome after 5 years of entering into a IVA

The legal Formula

1. Your total debt
   

<LI id=ecxitem_monthly_disposable_income class="ecxtooltip_trigger ">Monthly disposable income
Your monthly disposable income is the amount of money you have left each month after you have paid all your essential bills.
Your essential bills include things like:




It is a formula , as follows

Disposal Income divided by Total of all my Creditors multiplied by the amount owed to you.

Effectively, you get a pro- rata payment based on the total debtors and disposal Income.


Your interest and charges are frozen so that I can pay only the debt.

Your rent or mortgage payment

• Water, Gas & Electric
• Council Tax
• Food

Legal presentation of an IVA
i
An IVA is a legally binding agreement between you and your creditors to pay back what you can afford through a single monthly payment. Once an IVA has been set up and approved, your creditors will stop chasing you for payment - as long as you keep making your arranged payments.
You're not likely to have to pay back all of your debt - whatever's left unpaid at the end of the IVA (usually after 5 years) will be written off. You will find it almost impossible to get credit during that time and for another year afterwards while the IVA is on your credit file. After that, it should slowly become easier to get accepted for credit.
75% of your creditors have to agree to your IVA for the application to be successful - if more than a quarter of them don't agree to it, it won't get approved. If you're in a situation where you're considering an IVA, the chances are that your creditors will be happy to approve it as it means they are guaranteed to get a portion of their money back.

ExNicotineQueen

How much was the loan amount for? How much were they repaying you every month? I think from the email you posted above, from what I could make out as it was very jumbled, this person wants to offer you £15 per month with a view to increase payments as and when. Is that not better than nothing?

Forget the email, do you have anything signed by you and this person in writing stating that he owes you this money?

skintandscared_2

Is he actually paying you the £15 a month? How much has he paid you back so far (seeing as the original loan was 5 years ago!)

You have no way of knowing how much you would receive per month if you joined in the IVA agreement. Do you even know how long the IVA has been running? It is actually rare that an IVA ends after 5 years with the rest of the debt being written off. In lots of cases the IVA is extended, or the person on the IVA is forced to sell assets/remortgage to raise the outstanding balance.

Apples2

Still can't see any evidence that you do have concrete evidence that he owes you this money.

Whilst the info above is right (from what I could decipher!!), it was a choice he made to enter the IVA, he wasn't forced into it. Hence the Voluntary agreement.

It wouldn't be a case that he could say, "I owe my mate £12k" so it gets included in the IVA or else everyone would do it to give themselves a few quid extra (pay the mate and he gives it back to you.

You wouldn't get anywhere in Court trying to recover this money as the IVA is taking all but the essentials.

Do you know how much he owes altogether? Once the amount owed drops below a certain amount, I believe it is finished.

Personally, I think you have lost the money apart from being drip fed a few quid as alluded to in my first reply. You have more chance of winning the Euromillions than getting double back.