IVA advice - Lloyds

[Tina Shortland]

Hi Mookieblaylock - welcome to the forum - I have just caught up with your thread. Hopefully from the responses you have had you will see it is definitely worth speak to a few more companies to assess your situation. Ultimately it is down to the creditors to decide if they are happy to accept your proposal. What may be deemed as not viable for one person may be accepted for another - it is dependant on your own individual circumstances. If you have a good IP representing you who has a good track record of success where others may have failed then you are doing the best you can.

Understanding this whole process can be hard enough without conflicting advice from various companies. Trust your instinct and only take action when you feel you have all the facts and are comfortable to move forward. An IVA would be a far more secure arrangement for you if it is viable so it is worth putting in some more effort now to give yourself the best chance.

Regards,

[Tina Shortland]

ps....and Rosepetal - try not to stress, you are in great hands with Melanie and she will do everything possible for you both. Everything was fine when we spoke to assess your case so don't worry that others' experiences elsewhere will be true for you.

[Rosepetal]

Tina, that's very kind of you to post! I've got very uptight worrying about it all which isn't helping my condition,we had the house valued today which was tense and un settling, my husband has sent the offer over to you via email-my poor husband!
thank you,kind regards

[Beatbox]

Just had an interesting conversation with Lloyds about our overdraft and loan, spoke to a lovely indian lady and discussed our current situation.
She actually told me that they were going to vote in favour of the revised proposal (without even seeing it).

Not sure if that was because I had been in touch and honest about the facts or whether they realised I really couldnt afford to pay them back... Might be worth calling the collections number for a chat?

[kallis3]

Hopefully they will. The collections centres don't normally have any say in what happens in the voting.

[MookieBlaylock]

Hi,

Thankyou so much everyone for taking the timeout to respond

One of the post says i should use my instincts which i think is leading me down the route below

I have respoken to one of the companies who said i couldnt do an IVA and they have informed me that Lloyds dont vote for themselves. I hope i relay this information they gave me correctly!

Apparently Lloyds up until recently used KPMG to vote on their behalf but KPMG always pretty much rejected IVA's where Lloyds had over 75% of the debt. A few weeks ago they have started to use a company called Ticks (I think they said it is The Insolvency Company) who vote on behalf of a number of the big creditors but Freeman Jones have confirmed with them that Lloyds have given them the instruction to reject cases where more than 75% of the debt is with them just like before when they were with KPMG

they also think the reason some recent cases have gone through is because during the change over between KPMG and Ticks there was no one voting on their behalf??

They said that they would happily try the IVA, they just wouldnt want to lead us to beleive that we have great chance and to give us false hope. I have researched them, and have a friend at work who used them, they seem extremely reputable and from what i beleive in speaking to one of my crediotrs (ironically!!) they are one of the biggest providers of IVA's in the country so they must no what they are talking about.

Its almost as though they are being cautious where as the other companies who have said it wouldnt be a problem doing an IVA seem overly confident. Freeman Jones say alot of companies say this so you go with them when really they know you are gonna up on a Debt Management Plan anyway, but they do it to get your business

I like this cautious approach (as you can probably tell it suits me!!)

Has anyone on here ever dealt with them before?

Again, we are really thankful for your input in helping us make this decision!!

[Michael Peoples]

It is correct that Lloyds have switched from KPMG but ultimately if the proposal is the right approach it will be accepted by whoever votes for Lloyds. There is no guarantee that any IVA will be accepted but there should be nothing to lose from putting one forward. Many firms operate on a 'no win no fee' basis so if the proposal is rejected you have lost nothing.

I do not think that a 15 year DMP would be the right solution except in a small number of cases and if your IVA is rejected bankruptcy should certainly be considered.

[kallis3]

Why not try a couple of the smaller companies, you can sometimes get a more personal service and they also know what they are talking about.

Big isn't necessarily always better as a lot of posters on here will tell you after their experiences with some of the larger companies.

However the choice is yours but I would urge you to visit www.iva.com and speak to a couple of companies on there.

I'm not sure how Tix vote.

[andrea1968]

freeman jones are great-we started with a dmp with them(gregory pennington-a sister company) as Northern Rock initially declined the iva proposal and were the main creditor. This was from february to end of august this year and as the majority of creditors were still refusing to freeze interest Freeman Jones felt we now had a stronger case.Also we had never missed any payments on the dmp which also went in our favour as it showed our commitment to paying our debts.
Initially Northern Rock refused the proposals but Freeman Jones were very persistent and after a few tweeks to the proposal-one year added to iva requested by Northern rock thus upping our dividend-and we were finally approved.
The paperwork was completed very quickly as the creditors balances were already with their sister company and all transferred straight through the companies.
They could have let us sit in dmp for well over 15 years and made a lot more money from us - instead when the time was right the iva was suggested and we now only have 6 years to debt freedom!!!
You have a direct number to your relationship manager who gives you details of their working hours and if they are not available you get put straight through to one of their colleagues.The staff are extremely friendly-especially in the early days when you worry about anything and everything!!!and if they dont know the answer they get back to you same day.
All in all a good experience and i would highly recommend them.

[MelanieGiles]

I am surprised at the advice being given by some companies, but perhaps they are seeing a different type of voting that I do in my own firm for some reason - and therefore are only speaking from their own experiences.

Please try an IVA first if that is your first choice debt solution - if it is rejected it won't have cost you a penny, and if a DMP is then inevitable at least you tried. I'd love it if you would post the outcome of this on the forum in due course.

[MookieBlaylock]

Thanks Melanie, i will let you know the outcome

You mentioned above about different types of voting?? Do they creditors vote differently for different companies?

[spike]

Creditors employ firms of accountants to vote on their behalf. The main four are TIX, KPMG, PWC and Grant Thornton. These firms take instructions from the creditors on how to vote. Lloyds used to be represented by KPMG, however they moved to TIX on 31st October.

[kallis3]

I also had Blair, Oliver and Scott and Robinson Way vote on mine.

[spike]

Blair, Oliver & Scott and Robinson Way are collectors who occasionally buy toxic debt. Dependant on who the original debt is with will depend on who votes. Many of the major high street lenders employ TIX, KPMG, GT and PWC to vote on their behalf. However, smaller creditors (and some of the larger ones)vote for themselves.

[kallis3]

Robinson Way was HSBC and BOS was Bank of Scotland.