Starting IVA

[runiuksp]

Normally the creditors meeting is about 16 days from when the IP receives the signed proposal back from you. I was so impatient I paid to send mine by next day delivery!!

Nice!

How long did you have to wait for your proposal then?

Thanks

[kallis3]

It is usually sixteen days from the IP receiving your proposal back. The stumbling block is usually your creditors returning the original documents to you - that's what takes the time.

[runiuksp]

Hello all!

Just to let you know my file is now complete at Administration level.
Now awaiting for Proposals Team to contact me

CHeers

[kallis3]

A step in the right direction! Hopefully won't be too long noe.

[runiuksp]

Hi,

I've just received another "nice" email but from Toothfairy Finance this time:


We have made a number of attempts to contact you by email and SMS to discuss the outstanding balance on the short-term loan you took out on 26.07.11 and you have made no effort to return these enquiries.

We have also warned you in advance of additional charges you have incurred.

As we make clear to all our customers our product is intended to be a short term financial solution. If the loan is extended this product can become expensive.

As we have not heard from you and not received payment we have been left with no alternative and are writing to advise you that this debt will be passed on to our Debt Collections Agency in the next 24 hours.

As per the terms of the contract between Speed Credit and your self (see *link removed) instructing the Debt Collections Team will add a further GBP 150 to the balance you owe. Debt recovery agents will call at the addresses we have on file for you until they are able to successfully collect the sums you owe. If our debt recovery agents, after a reasonable attempt at the addresses on file, cannot successfully recover the monies owed by you, we will issue a claim against you in the County Court for the outstanding balance plus the further charges and recovery costs that have been incurred.

You should be aware that a County Court Judgement against your name will remain for 6 years on the National Credit Records (NCR) accessed by employers, insurers and banks and may result in:-

a) difficulties in obtaining future credit
b) difficulties in obtaining a mortgage
c) being questioned at a County Court as to your financial circumstances
d) any current employers being infor med so an application against your earnings can be issued
e) difficulty in securing future employment due to an adverse credit history and credit score
f) a Warrant of Execution and bailiffs being instructed

We will apply for a County Court Judgement followed by a Warrant of Execution and a Bailiff order to seize goods from your addresses to be issued simultaneously to the County Court Judgement. This Warrant authorises Certificated Bailiffs to seize goods at the addresses held on file for you (including what may be your family home). These goods will be taken and put up for sale at public auction until the total amount you owe is satisfied.

The initial cost of issuing a County Court Judgement is GBP 45, this will be charged to your account on the date of issue.
The further court costs including solicitors time, application for a Warrant of Execution and the appointment of Bailiffs will also be added to what you owe.

As you can see this will ultimately cost you a great deal more if you do not deal with this matter now.

It will also cause you a great deal of difficulty for many years to come.

We strongly recommend that you settle this amount immediately to limit further costs, preserve your credit rating and your ability to gain full time employment.


Are they just trying to scare me? Or is it likely that they will go to court?

Thanks

*I've removed the link - we don't want to give them any advertising!*

[kallis3]

Send this to your IP.

It is highly unlikely that anyone will call but if they do you don't have to speak to them, let alone pay any money across.

Let your company sort this out for you.

[runiuksp]

I've emailed Mel's office. Just need to wait for the response now...

Thanks

[kallis3]

You'll be fine. We all got similar letters while setting up our iva's.

[MelanieGiles]

They have been told that you are intending to propose an IVA, so hopefully the letter is just a standard one albeit it is pretty tedious to keep getting them.

I will chase along the proposals on Tuesday, when the team are back at their desks.

[Rosepetal]

hi, hope you're ok,this is a stressful time. Mel helped us so i know your in good hands. we sent any letters/emails we got across to her team.

post for support it helps a lot. use this time wisely,save every spare penny for a emergency fund.

hang in there.

[runiuksp]

Hi,

It is quite stressful, I can't stop thinking about being rejected etc.

All those emails, interest added daily and phone calls don't help too...

I hope it will end soon with your support

[kallis3]

Dont worry - you will be fine.

[Rosepetal]

Hi, it's hard to grasp this at this point in time,but - all these added interest charges will have no impact on your IVA at all,all these do is stress you out, your IVA payment offer is set at the rate your IP(you've got a good IP) has calculated that you can afford.

so,pile letters up &pass them to your IP. interest charges will make no difference,you can't give them what you haven't got can you?

you're going to be ok,keep posting,it helped me a lot x

[runiuksp]

Hi,

It's me again...

Got another email from Toothfairy Finance saying same thing but also got a text from Northern Debt Recovery to contact them asap and pay outstanding debt...

What should I do ? Should I call them back?

Thanks

[ginger3232]

No - by attempting to pay anything back to them - it could be considered as treating creditors diffrently.

This i found was the worse bit - but ignore them - remember for them to take any action would take weeks.