Melanie another question please..

[no money eva]

As mentioned in a previous post, my hubby has two creditors Capital One (£8k)and Moorcroft (£900). If my IVA were to be accepted, what do you think the chances are that these two creditors would agree to a 5 year payment plan getting back 100% (freezing interest and charges for the 5 yrs).

Capital One have been fantastic up to now, stopping interest and charges etc. Moorcroft have been reasonable and have now agreed to payment plan, but currently neither one of them will get 100% as it stands (this would be based on his increase in pay).

Could you let me know what your professional opinion is on this, many thanks yet again in advance.

[MelanieGiles]

I am sure that both creditors will agree if you are able to repay them in full, but if you are able to offer 100p in the £ have you considered whether a DMP might be a more flexible and cheaper option for you?

[no money eva]

Sorry Melanie, got confused.

My hubby could pay his creditors £8k and £900 back in full if he gets a rise in May time. But my debt is £35/36k and a DMP would take 18/19 years to pay back.

Thanks again for your reply

[MelanieGiles]

Sorry - I have probably misunderstood you - your husband needs to enter into a payment arrangement with the two creditors based upon his disposable income, and I assume that you are doing an IVA with yours?

[no money eva]

Thats exactly right Melanie, just wandered what the chances were of Capital One and Moorcroft agreeing to a 5 year plan but have the added worry of other post of CCJ be claimed from CL finance (GE money) I would hope that Payplan would send the acknowledgement of service off to give an extension so my meeting can happen then I get some time to sort it either way.

Thanks again Melanie

[MelanieGiles]

I am sure that they will be amenable to this, so long as he makes the payments on tiem.