In DMP and selling my company

sourcrates

glentoran99 wrote: »

I've maybe misunderstood an IVA then, I thought that it was basically a formal DMP and that as long as you met the expenditure guidelines the creditors would accept it

No it's not quite that simple.

You must have a reasonable amount of income to put towards your IVA, as the fees can be crippling, otherwise there would be nothing left for the creditors.

The proposal is put to your creditors, and at least 75% by value of debt, must agree to it, if they do fine, it will be passed, if they don't, then they would ask you to modify it, then it would normally be passed.

So you are right in a way, except it's not guaranteed to be approved.

serious_debt

A question please.

CCA requests? what does one do if a debt is unenforceable?

Also I heard that credit card debts over £25k were treated differently, true or not? I have two that are well north of £25K

Your help so far and your knowledge is fantastic, thank you.

sourcrates

serious_debt wrote: »

A question please.

CCA requests? what does one do if a debt is unenforceable?

Also I heard that credit card debts over £25k were treated differently, true or not? I have two that are well north of £25K

Your help so far and your knowledge is fantastic, thank you.

If a creditor is unable to supply information under a sec 77/79 request, then the creditor loses the right to enforce the agreement through the courts.

Basically they can still ask for payment, they can still report your non payment on your credit file, but they can't do anything to make you pay.

The legislation applies to any running credit agreement regulated by the consumer credit act.