We ae currently seeking advice re our debts and are looking towards remortgaging in order to offer our creditors a one off full and final payment dependent on what we can raise. We have been going to CAB and also saw a specialist - not sure if she was an IP (but who was recommended by CAB)We wrote a standard letter to all our creditors notifying of our difficulties and that we were seeking help. Toda(y I have had a letter from RMA (Risk Management Alternatives)stating that American Express have instructed them to collect the full overdue balance plus a hefty "file referal fee" of £1735 ,52! Our next meeting with CAB is not til the 20th. What do we do? We are having the house valued next week by 3 estate agents so that we have some figures and ideas re the remortgage for when we see CAB.I am feeling really sick and will be in a real stae by the time my husband gets home at tea time.
Hi
You really need to be dealing with an Insolvency Practitioner rather than the CAB at this stage as you need professional and expert advice.
Amex can be quite an aggressive creditor and may seek to secure a charging order, this will reduce your equity release and your offer to your other creditors.
Speak to two or three IPs asap
Regards
Andy is right and if there is now adverse information being put on your credit file it will reduce the maximum loan to value that can be raised by way of a remortgage and also increase the rate charged by the lender. This would affect any offer to creditors.
Do you think it is worth my writing to them now to explain we are seeking advice and to notify them of our meeting on the 20th? There should be sufficient equity in our property for us to raise hopefully at least 70% of what we owe.
It would probably do no harm to speak to RMA as they are not solicitors and cannot seek a charging order. If you make a token payment and keep them informed it may delay the passage of your file to their legal team.
My husband is speaking to our IP - we have 3 valuations being done on Tues/Wed next week and I am about to phone Abbey - our current mortgage provider - to see what they say re. loan to value ,length of term of remortgage and any early penalty fees as we would hope to epay the amount ove 5 - 10 years. Feeling slightly less panicky - but not much - will keep you posted. Thank you both for our help.
Last edited by scaredycat on Fri May 08, 2009 1:40 pm, edited 1 time in total.
Hi,in regards to amex,they are very aggressive and managed to get a charge put on our property.This is despite the fact telling them we were entering into an iva.Would suggest keeping them sweet with some sort of payments until you get things sorted.
Good luck,hope all goes well
Blods
The solicitor who act for Amex do charge expensive file referral fees, but these are provided for in the credit agreement and appear to be lawful. If you are a property owner with equity, they will generally reject an IVA, so if they are owed more than 25% of the aggregate debt you might be in trouble if you were hoping to effect the settlement via an IVA.
Amex are the baddies of the creditors, hoodlums!Only MBNA can equal them - use lots of nusiance silent calls,and legal retainers with writs rather than nuckledusters to sort people out.
I had one of their Gold charge card once, thought it conferred prestige and social standing...I brought the ideological ****...no more!
Last edited by timeforchange on Fri May 08, 2009 3:58 pm, edited 1 time in total.
Fortunately for the majority of us, the creditors are agreeing to IVA's.
newdeal - please do not put negative posts on here about creditors not agreeing to IVA's. Anyone looking in will think it is true, and it is not.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Newdeal - it is not in much nature to complain but your negative posts will do more harm than good; my husband got very worried over negativity. My husband's IVA was complex - very complex - he asked a great deal of his creditors - one has a reputation for being hard. Melanie Giles got the IVA through for him with ALL that he asked for accepted and agreed. If a client goes to the right IP as my husband did the IVA will more than likely get accepted - my husband is the living proof of that - many IPs would not have touched his - Melanie did and won! J
the negativity needs to stop. If you are not happy with an iva or the solutions they offer then perhaps you are on the wrong forum. I am happy with mine and all the advise I receive from this forum.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
