I'm a new member. I contacted Clear Debt a few weeks ago as had got to the point of not been able to meet minimum payments on credit cards etc. I was advised that an IVA was most suitable option for me and my creditors meeting is next Friday.
I owe about 45k in total over 3 credit cards, a personal loan and a loan which I act as guarantor for my sister on. Unfortunately she has missed loads of payments and so I have made these under the terms of the account. I've recently split from my ex who I have a mortgage with but the house has been on the market since November with approx £10k negative equity. I'm renting a room off a friend and was out of work for about 4 months earlier this year as the company I worked for went bust. I have another job now but on a lower salary. It's been one thing after another to be honest and now everything has built up to the point where I can't cope financially any more.
My worry is that half of my debt is with First Direct. I bank with them as well so have opened a Co-op account and my salary is now going in there. I know that if they vote against me the IVA won't be accepted.
Has anyone had their IVA approved with First Direct as a major creditor?
Any advice or info would be much appreciated. I feel so alone in all this.
There is no reason First Direct would reject as they are not a difficult creditor. Cleardebt would not have proposed an IVA that they were not fully confident met with the criteria of all your creditors so I am sure you will be fine.
If you need to talk off line at any time then you can contact me direct if you wish, my contact details are in the experts section on the left. Michael is right though, we don't put proposals forward that we feel will be rejected which although is in no way a guarantee of course should hopefully reassure you somewhat.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I know you feel alone and in a scary place right now, but honestly you are amongst friends here. We have all had debt issues to deal with and know exactly how you feel. Why don't you read some of the blogs and other posts, you'll soon realise you are not alone and there is light at the end of the tunnel.
Cleardebt would not put a proposal forward if they were not positive it would be approved, so try not to worry.
Good luck with your proposal and hope it all goes smoothly for you, please continue to post and any queries/concerns you have will hopefully be answered.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thank you all so much for your support. Just keeping everything crossed that my IVA gets accepted as can't see any other way out of this situation. My circumstances have changed so much over the last year it's quite scary!!
Hi and welcome to a great forum, as already mentioned I do not believe that your IP would have put your case to creditors if they felt that it would fail.
After all they put a lot of work into proposing your case, fingers crossed that everything goes well for you...when you are sucesssful you have to buy everyone on the forum a pint [:D][:D]
