Can anyone tell how the legal charge side of things operate. I am proposing or about to propose and IVA but my concern is that during the process some of my creditors may apply a CCJ and then a Charge.
Basic question I suppose. How long for a CCJ to be lodged from receipt and what response should I make on the forms. Will the judge take on board that I am entering into an IVA. How long after that would it take a creditor to get a charge.
Is t better to send a letter to all creditors advising that I am applying for an IVA or will that simply encourage creditors to set the wheels in motion to get a charge asap. Obviously I appreciate that once they have a charge it drops from the IVA creditors list and that they would basically then have to wait until the house is sold or passed on to my family. Your help would be appreciated. Also can anyone suggest who are the better companies to secure a low dividend IVA. Not trying to avoid paying but just dont have much available to pay.
Hi
If you receive a county court summons during the set up process of your IVA your company will be able to advise and help you fill out any forms. Following a successful CCJ application your creditor could apply for a charging order, at this stage your Ip would apply for an INTERIM order to stop any furthr action.
Most companies will be able to offer a low dividend IVA as all fees in an IVA protocol IVA are subject to standard fees and should be the same regardless of the IVA provider
Thanks Andy it just seems strange that certain members on here obviously share there own experiences and also advise as to whom they seem to know specilizes in low divvy IVA.
We went with cleardebt and our iva was 23p in the £. Ours was sorted quite quick, about 6 weeks I think. Had no problem with cleardebt and others on here have used melanie Giles too.
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
Kallis. What I was meaning that if all IPs operate under the IVA protocol then why would one company be better that another at achieving a low divvy IVA. I appreciate that it still leaves particular companies that are just better than the rest (David & Mel)
Some firms don't feel happy going with low cost IVA's - don't ask me why. It may be something to do with the fact that they don't feel confident that they will be accepted.
I don't think it has anything to do with the protocol, it's just the particular firms criteria.
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
I don't know if that is the case. I know that with DMP's both Payplan and CCCS are funded by the creditors, but that's not the case with IVA's, it's the debtor who pays the fees.
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
Out if interest how long does it take to get a charge. Also as asked above should aletter be sent advising that a peros intends to enter into an iva and explaining that there is no equity or possibility of taking futher borrowing to clear the debt.
Hi
There is a difference between low dividend IVAs and low disposible income IVAs.
Some IVA practitioners will not, for example, take on a low disposible income IVA as they find it not viable, however other IPs will take on low disposible income IVAs, some as low as £130-140 per month.
I think most IPs will consider low dividend IVAs if it is the best deal available to creditors.
Regards
Writing letters to your creditors would be pretty much a waste of time as they will continue with default and collection procedures anyway. Creditors may hold off for a few days until they receive confirmation from an IP or DMP company but a telephone conversation would have the same effect. If you do write to your creditors do not be surprised if they deny ever receiving them.
Find yourself a good IP to represent you and they will write and continue to deal with creditors directly. There is little point in creditors pursuing legal action once they are notice of an IVA being immenent, and most good firms have a separate legal department who will deal with this for you.
