Unbelievable Creditor Response

Bald_Runner

My IVA proposal was effectively rejected today by one creditor – Egg. They want 100% of the debt repaid with the IVA fees on top! I owe in total £79000 (to many creditors). Egg want want £1240 paid over 42 months with a £35000 lump sum at the end (I retire and get my pension) This equates to £87000. Is that legal?
I am thinking about their ‘requirement’ over the weekend but the answer will have to be NO, I feel and BR will be the next step. However, I have some questions:


I was under the impression that if I go BR, my car is at risk and my house – but I rent my home anyway. Can other household goods be ‘sacrificed’? I am on sufficient salary to pay into an income payments arrangement and I expect to do so but I read somewhere else on here of a computer being taken. If goods/chattels are surrendered, how does that work? Does the OR send the heavies around to see what you have? How are they disposed of? Do I sell them or does the OR?

We have an LCD TV that is 2 years old. It cost £1000 then. I was advised by some ‘Insolvency helpline’ i rang that the OR could in theory take this as an asset. Does the OR ask about such things? I was planning to put on the forms ‘general household appliances’. I was not planning to list TV, computer etc. BR does not sound such a good alternative all of a sudden…

empty_wallet_2

I cant believe egg, how stupid of them. Who was your IVA with?

The OR is only interested in high value items over £1000 in value at auction so your 2 yr old lcd will be fine as probably only worth £100-200 at auction. I Think cars over 2k in value are looked at but if you have a valid reason to keep it then should be safe depending on the value.

The OR doesnt send any heavies round, this is what i thought when i first thought about going BR, it seems to be something the tv and press like to use as scarmongering.

empty_wallet_2

I was under the impression that if you went BR the court sent round baliffs who would basically clear you out of anything that wasn't on their list as an essential living item. I saw a program on bbc1 a year or so back where they made it appear like this as they had this guy who was 50k in debt an then he was out one day and they virtually cleared his house out totally and when he came back they said so this is how it would feel if you dont do something about your debt and the baliffs come round, how wrong they were.
I expected them to want all my dvd's, cd's, books, tv's etc etc etc but as i said above only high value goods are what they want, even vehicles are worth a lot less than you would imagine, they took my motorbike last week which i could have sold for £3k easily, well the OR said i could buy it back for auction value of arond £1500, so take off the handling fee's and commisions for the aution house and the OR will be lucky to see £1k from something worth £3k.