PAYDAY LOANS

[JMW1969]

Hi my creditors meeting is now set for 1pm on 21 september.
3 wks to go/

although most debts are the main bamks we have a number of payday loans. does anyone have any experience of including these to an iva

[kallis3]

I think they are ok, and your IP obviously thinks the same.

Good luck for the 21st, I'm sure you will be fine.

[liamjames]

I assume your IP knows about these loans?

Technically you shouldn't get any credit after signing the proposal, but a lot of people agree that they are unavoidable.

If your IP agrees with that line of thinking then they will be included, and they shouldn't change the dividend that your voting creditors are expecting too much, so you should be fine.

Make sure you talk to your IP and get the official line from them though!

[JMW1969]

They are part of the proposal-want to know how they vote if anyone has previous experience!

[liamjames]

Oh, I getcha.

The ones I've dealt with don't vote very often- it's usually quite low debt amounts so it's not often worth the administration costs for them.

Best of luck!

[JMW1969]

what about mail order catalogues next and freemans etc amounts vary from 500-3000

[MARK1882]

Our IVA was in March this year. It included 3 payday loans. Two voted in favour & one did not vote. My IP said that they are used to people defaulting as they are the last form of credit available to people in serious debt. This explains why they charge 2000% apr I suppose.

[kallis3]

Your IP must be confident that your proposal will be accepted.

It will all depend upon who votes on the day.

[MARK1882]

It also included two catalogues etc. They voted in favour aswell. Hope this helps. Suppose it all depends on how well your proposal has been put together. We had serious doubts our would go through but it turned out ok in the end. Keep smiling.

[JMW1969]

thanks for that! i keep scrutinising the figures - we are offering 54p in the £ or bankrupcy with no creditor dividend at all if it fails- thats what IP has proposed so the odds must be in our favour we owe 45000 between us and with interlocking ivas will pay back 37000. surely they should vote yes or risk getting nothing?

[kallis3]

You're offering a good amount, I'm sure you will be ok.

[JMW1969]

thanks guys. just got to wait out the 3 weeks till d=day.
has anyone had a gym membership accepted in expenditure=i have 8 months of 1 yr subscription to finish

[kallis3]

It may well depend upon how much it is. If you can continue with it out of your social allowance, then you should be able to do so.

Is it very expensive?

[JMW1969]

its 46 per month- did not add as a adebt cos rather pay it and use it rather than add the 46 into the disposable income = will discuss this option with ip cos will pay it into iva after the 8 months if thats what they want?

[kallis3]

You are allowed a social allowance, so if you wanted to continue (and another payment may well have been paid before your meeting) and could afford it by making some savings, then you may be ok.

I think you should speak to your IP about it though as it is an expense, even if not included as a debt.