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What influences a creditors decision to say YES
For your IP approaching creditors you have debt with, what influences their decision to say yes to it?
(lets assume you can provide an income/expenditure form is fine)
what 3-4 factors do they look at? which can make them 'reject' your IVA?
and does each lender see the 'decision' another lender has made, in the IVA ?
(eg, would Santander see LLyds decision in the IVA? -or they are separate and don't care?
(lets assume you can provide an income/expenditure form is fine)
what 3-4 factors do they look at? which can make them 'reject' your IVA?
and does each lender see the 'decision' another lender has made, in the IVA ?
(eg, would Santander see LLyds decision in the IVA? -or they are separate and don't care?
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Comments
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For your IP approaching creditors you have debt with, what influences their decision to say yes to it?
(lets assume you can provide an income/expenditure form is fine)
what 3-4 factors do they look at? which can make them 'reject' your IVA? If it looks like you might fail the repayments (SOA is unrealistic), it they have too low a dividend payable to them
and does each lender see the 'decision' another lender has made, in the IVA ? No they don't, they submit their vote to the IP
(eg, would Santander see LLyds decision in the IVA? -or they are separate and don't care?
Hope that helps0 -
The thing that creditors will look for is A) that the offer is the best one you can afford to make and
the return is better than in a bankruptcy.
I know of IVAs being accepted for 1p in the £, this was obviously the best offer and offered more than in a BR0 -
And sometimes its just down to the bloody mindedness of the DCA involved, in my case the majority of my debt was with 1st Direct, who approved my IVA, I had a few smaller debts with various DCA`s, and none of them played ball, even though it represented there best option, they all rejected it, but it didn't matter as 1st Direct were majority debt holders and the Iva was passed, sometimes despite the best possible offer, a DCA will reject it, because they know either way, there not getting much money there way, they do there best to upset the apple cart, that just my experience, and it was in 2008, so things may of changed.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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They also look at the IP's charges. Mine was rejected at first because of their fees. When it was accepted a week later, their fees had been reduced.LBM July 2006. Debt free 01 Sept 12 .. :T
Finally joined Slimming World: weight loss 33lbs...target achieved 51wks later 06.05.13 & still there :j
Aim to be mortgage free in 2022. Jan 17 33250 Nov 17 27066 Mar 18 24498 Sep 18 20608 Nov 18 19250 Jan 19 17980 Mar 19 16455 May 19 15024 Nov 19 10488 Feb 20 8150 May 20 5783 Aug 20. 3305 Nov 20 859 Mortgage free, 02.12.20200 -
Vikipollard wrote: »They also look at the IP's charges. Mine was rejected at first because of their fees. When it was accepted a week later, their fees had been reduced.
similar to mine, the IP reduced their fees on the day to get it through in one sittingRoll on DFD, final payment 1st October 2017 :beer:0 -
Vikipollard wrote: »They also look at the IP's charges. Mine was rejected at first because of their fees. When it was accepted a week later, their fees had been reduced.
what were their fees? - before (rejected),
and what were their fees after acceptance (new fee)
- and were they just being greedy ?similar to mine, the IP reduced their fees on the day to get it through in one sitting
what were their fees? - before (rejected),
and what were their fees after acceptance (new fee)
- and were they just being greedy ?0 -
Creditors usually cap IP fees at 15% of realisations so work out how much you think you can pay and then 15% -0
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