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Quick question
nicbra
Posts: 18 Forumite
Can anyone tell me if an IVA is likely to be accepted if most of your payments are up to date even though it is completely overstretching you??
Most of my minimum payments are late, rarely paid on time however are nearly always paid each month at some point.
Will this go against me in the decision to accept my IVA??
Most of my minimum payments are late, rarely paid on time however are nearly always paid each month at some point.
Will this go against me in the decision to accept my IVA??
0
Comments
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For the best advice, on IVA's, you should talk with CCCS, PAYPLAN, CAB or one of the other Debt Counselling Charities (you will find links on the DFW toolbar).
Whatever you do, avoid those Companies who advertise 'how to get rid of up to 80% of your debt'.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
I had my interview with Payplan last saturday, just waiting for all my info to ome through!!
I read on another website that if most of your payments are up to date you've pretty much got no chance of the IVA being accepted so was just wondering if this was actually true??0 -
Hi Nicbra,
I'm in my second month of an IVA. It took about 7 weeks from my first phone call for help to it being approved, prior to that I have never missed or even made a late payment (I kept robbing Peter to pay Paul though). I was advised to stop making all payments once I decided to go ahead with the application so only ever missed one payment to each of my creditors.
It was a pretty scary decision but at least I'm getting myself back on track now.
Hope this helps.0 -
Hi Teresa38
Thankyou so much! That has made me feel a lot better!! I am similar to you, made the payments but only through robbing peter to pay Paul.
Congratulations on having the IVA approved. Did any of your creditors refuse it? If so who were they??0 -
Hi Nicbra,
I had four creditors (Egg, Cahoot, HSBC and First Plus) Egg and Cahoot voted in favour and HSBC and First Plus didn't even bother to vote. I'd been really worried about First Plus as they owned about 70% of my total debt.
They upped my proposal by £25.00 a month but I was glad to accept.
I just wish I'd swallowed my pride a whole lot earlier.0 -
Me 2!
So am I right in thinking that if they do ot even bother to vote, that means it's just not counted at all??0 -
If they don't bother to vote it is counted as a vote for. So mine was regarded as 100% in my favour.0
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