provident help - IVA

slimzoe

ok so i am speaking to payplan and going down the IVA route, i have spoken to every creditor either by email or phone but provident are causing me issues.

i took my loan out the week before xmas, i knew i couldnt afford it (and i know this was stupid) so have spent the last 12 weeks avoiding the door.

her manager came out once and spoke to me, i know they both then came out and i ignored them.

thats it. ive had no letters from them, no phones calls no emails. and ive emailed head office several times asking for my ref number, theyve said that they have passed it to the local office but still nothing.

i have every other ref number and amount will it cause issues for pay plan if i cant get the ref number.

will i get any letters or correspondence from them?

michael1983l

I didn't realise you could take out an IVA with a debt that is less than 6 months old. Can anybody confirm this?

Isn't taking out a loan and making no payments towards it a very fine line between lawful and fraud anyway? As there was clearly never any intention to pay the debt.

sistafromanothermista

Hi, i'm unsure whether it would cause problems for Payplan, but i would definitely expect a few letters to come from Provident. They are not just going to forget about it....



Can you write to them and ask for your reference number?

slimzoe

michael1983l wrote: »

I didn't realise you could take out an IVA with a debt that is less than 6 months old. Can anybody confirm this?

Isn't taking out a loan and making no payments towards it a very fine line between lawful and fraud anyway? As there was clearly never any intention to pay the debt.

thanks that really helps. im looking for advice not judgement, judging myself enough as it is.

slimzoe

sistafromanothermista wrote: »

Hi, i'm unsure whether it would cause problems for Payplan, but i would definitely expect a few letters to come from Provident. They are not just going to forget about it....



Can you write to them and ask for your reference number?

i might do that, im expecting letters from them, surprised ive not had anything yet to be honest. got in to such a mess with a mixture of payday loans and other stuff, ive ignored it all but not any more. started dealing with it all on friday and really want to get sorted.

UpToMyNeckInIt

Hi slimzoe,

How much of a problem Provident are likely to cause, depends on what proportion of your debt they make up AND how many of your creditors by amount agree to the proposed IVA.

My IVA company also said that debts should be at least 6-Months old, but not entirely sure why.

If you don't mind me asking: what is your total debt? Who is it with?

Went through the IVA application process 6-Months ago myself, and less than 50% of my creditors even bothered to vote. Those that did all went in favor of the IVA, including a 5-Month old debt with Capital One for £5,000.

Good luck.

slimzoe

im panicking a bit now as the payday loan debts are all under 6 months, that has never been mentioned!

i owe almost £40k, £7k halifax loan, £3k overdraft mortgage arrears of £3200 (which i know arent included in the IVA but shes included them in the statement) i owe lowells £7k and £800 to creation. there are 3 old credit cards totalling £4k and i owe hmrc £3500 (over paid tax credits) the pay day loans are the rest (figures all rounded but i do have a spreadsheet with them on) i owe provident £910.

thanks

UpToMyNeckInIt

OK,

So you have a similar level of debt to what I had. You also have a good spread of creditors, with problematic Provident making up only 2% of your total.

Do your best not to panic (I too remember the sleepless nights and constant worry). The important thing is to realise that you have a debt problem, and are now taking steps to put it right.

From what I understand HMRC are likely to be the most problematic creditor - sometimes asking for an additional Year on the IVA to increase dividend, or asking for more onerous than usual equity release clauses (probably not an issue with a protocol compliant IVA though).

You are right that the 'secured' debt will not be included in the IVA, but Payplan (or whoever you decide to work with), will need to take this into account to allow you to pay these arrears back. (Can you switch to an 'interest only' mortgage, or are you there already?

Personally, I recommend you google 'insolvency practitioner reviews', and seek 2-3 opinions if you think an IVA is the best way to go (sounds like it could be in you case).

Hope you get this sorted soon, and keep us posted with your progress.

Good luck.

slimzoe

UpToMyNeckInIt wrote: »

OK,

So you have a similar level of debt to what I had. You also have a good spread of creditors, with problematic Provident making up only 2% of your total.

Do your best not to panic (I too remember the sleepless nights and constant worry). The important thing is to realise that you have a debt problem, and are now taking steps to put it right.

From what I understand HMRC are likely to be the most problematic creditor - sometimes asking for an additional Year on the IVA to increase dividend, or asking for more onerous than usual equity release clauses (probably not an issue with a protocol compliant IVA though).

You are right that the 'secured' debt will not be included in the IVA, but Payplan (or whoever you decide to work with), will need to take this into account to allow you to pay these arrears back. (Can you switch to an 'interest only' mortgage, or are you there already?

Personally, I recommend you google 'insolvency practitioner reviews', and seek 2-3 opinions if you think an IVA is the best way to go (sounds like it could be in you case).

Hope you get this sorted soon, and keep us posted with your progress.

Good luck.

thanks, they have taken the mortgage in to account and shes just told me the amount i would be expected to pay and i feel a whole lot calmer. im not sure about changing the mortgage to interest only, its never been mentioned as an option by nationwide. may look in to that although its still in joint names with my ex husband. i asked about the 6 months and was told the spread of debt makes it fine and the pay day loans can be included. its good to hear of somebody who has been in the same boat as me and is coping and doing it.

FiatFan_2

Hi their, I had provident and payday loans included within our iva without too much hassle. To be honest the payday loan companies gave the least hassle with teledialler pestering than some of the main stream lenders.

I'd only made a few payments to the provident loan before it was included in the iva, although by the time ours went through all debts were over 6months old.

Have you not got an agreement or confirmation with the account number on? If I recall correctly, to get a loan greater than £500 you'd have to have been an existing customer?

slimzoe

It was a £500 loan and the interest takes it to the £910 I had an agreement but I think it's been binned (along with any letter off anybody else)

Thanks for your replies