www.iva.co.uk

Posted: **Fri May 18, 2007 6:37 am**

I have debts of £65,000 and recently offered a third party settlement of 30% direct to the creditors. This was rejected out of hand by Lloyds TSB, Egg and Cahoot, and they tell me they are looking for percentages between 80 and 100%. One also indicated that they are likely to reject an IVA. Have banks etc toughened up or are they just trying to scare me? Would a 30% IVA have any chance? If not, what % should I be aiming for? Any advice would be greatly appreciated. Richard

Posted: **Fri May 18, 2007 6:50 am**

Which of those said they would reject an IVA???

Lloyds and Cahoot and two of my creditors.

Alan

Posted: **Fri May 18, 2007 7:24 am**

Hi richard

Offers directly to the creditors rarely work, so an IVA might be a better way forward as those creditors regularly accept projected dividends of 30p in the £.

An IVA will be difficult,however, if you only have three creditors. Can I also aske where the money is coming from to effect the suggested settlement?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Fri May 18, 2007 12:28 pm**

Hi
It may be better to offer a lump sum and monthly disposible income in an IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Posted: **Fri May 18, 2007 3:08 pm**

Hi Alan and welcome

I am pretty much in the same position as you and kind of disagree with Melanie and Andy, (sorry guys). This is because with a lump sum the creditors get less in an IVA due to the fees. If you can only offer 30 per cent without an IVA then it will be less with fees, and you would still be tied up for 5 years.
Plus any one creditor can scupper your IVA. I would try this site and if you get no joy, try an IVA as a second choice. www.debtquestions,co.uk. There are sample letters available, sure its work for you but its worth a try in the first instance.

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.