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Posted: Sun Jun 03, 2007 2:13 pm
by n_b
Hi there , can anyone tell me whether I will have any problems with these creditors.
Natwest Loan o/d and x2 credit cards £37000 husbands
Black horse £5000 husbands
British Credit Trust £1400 husbands
Capital one £700 husbands
Halifax ( counciling inter services ) £20000 husbands (blame his ex)
Robinson and Way debt collectors £16000 husbands
Barclays loan/overdraft and x2 cards £8000 mine
welcome £5000 mine
Littlewoods £850 mine
Topshop & burtons (ge money) £300 mine
if loan/card with debt company Blair oliver £2500 mine
Bank of scotland blair oliver £500 mine
totals roughly £102k [:I][:I] [xx(][xx(] £84k husband £17k mine
IP company are saying go ahead with £557 repayments per month £33420 but increasing next year to £754. haven't a clue if this meets the 25p in the £ situation as we are still unsure as to whether to go ahead or not , i can't be made bankrupt as a civil servant and husband is a Paramedic. any advice would be appreciated [?]
Posted: Sun Jun 03, 2007 2:22 pm
by Dominic
you can go bankrupt as a civl servent, vbut you will have to notify your line manager, adn you will neot be allowed to carryout work involving money, budgets or bill paymments.
It varies betweeen departments but that is the rule.
Posted: Sun Jun 03, 2007 2:32 pm
by n_b
Dominic I work for the CSA and all our depts handle credit card Payments , and budgets , there is no chance of a transfer either because I have tried and been refused as not enough staff.
Posted: Sun Jun 03, 2007 3:01 pm
by Robin
Hi n_b. I believe that MBNA can be obstructive at times, but as far as an IVA goes 60 payments of £557 plus, say a minimum of 36 payments of £197, puts your total at just over 40p in the £
Posted: Sun Jun 03, 2007 3:02 pm
by n_b
Thanks Robin
Posted: Sun Jun 03, 2007 3:48 pm
by Edwina
n_b wrote:
Hi there , can anyone tell me whether I will have any problems with these creditors.
Natwest Loan o/d and x2 credit cards £37000 husbands
Black horse £5000 husbands
British Credit Trust £1400 husbands
Capital one £700 husbands
Halifax ( counciling inter services ) £20000 husbands (blame his ex)
Robinson and Way debt collectors £16000 husbands
Barclays loan/overdraft and x2 cards £8000 mine
welcome £5000 mine
Littlewoods £850 mine
Topshop & burtons (ge money) £300 mine
if loan/card with debt company Blair oliver £2500 mine
Bank of scotland blair oliver £500 mine
totals roughly £102k [:I][:I] [xx(][xx(] £84k husband £17k mine
IP company are saying go ahead with £557 repayments per month £33420 but increasing next year to £754. haven't a clue if this meets the 25p in the £ situation as we are still unsure as to whether to go ahead or not , i can't be made bankrupt as a civil servant and husband is a Paramedic. any advice would be appreciated [?]
Posted: Sun Jun 03, 2007 4:06 pm
by Edwina
Black Horse normally require 40p in the £ these days but one would have to look further into your circumtances to be able to evaluate your case. Debts with Black Horse, MBNA, Northern Rock, HSBC are normally quite difficult and require a minimum of 40p in the £, which sometimes can be negotiated in certain circumstances but this would be up to your chosen IP to advise. On the basis of contributiuons as stated it would dependant on the fee level as to the outcome ie dividend, based on the information you have provided it looks like there is a favourable proposal but would be dependant on the level of fees involved. I would certainly enquire as to the Nominees Fee and Supervisors remuneration to be charged.
n_b wrote:
Hi there , can anyone tell me whether I will have any problems with these creditors.
Natwest Loan o/d and x2 credit cards £37000 husbands
Black horse £5000 husbands
British Credit Trust £1400 husbands
Capital one £700 husbands
Halifax ( counciling inter services ) £20000 husbands (blame his ex)
Robinson and Way debt collectors £16000 husbands
Barclays loan/overdraft and x2 cards £8000 mine
welcome £5000 mine
Littlewoods £850 mine
Topshop & burtons (ge money) £300 mine
if loan/card with debt company Blair oliver £2500 mine
Bank of scotland blair oliver £500 mine
totals roughly £102k [:I][:I] [xx(][xx(] £84k husband £17k mine
IP company are saying go ahead with £557 repayments per month £33420 but increasing next year to £754. haven't a clue if this meets the 25p in the £ situation as we are still unsure as to whether to go ahead or not , i can't be made bankrupt as a civil servant and husband is a Paramedic. any advice would be appreciated [?]
Posted: Sun Jun 03, 2007 5:43 pm
by Lula
I found both Capital one and Natwest very supportive ... they left me alone during my IVA process..
fingers crossed!
Posted: Sun Jun 03, 2007 9:43 pm
by MelanieGiles
Hi
The creditors you have are generally supportive - Black Horse do reject a lot of IVA proposals, but generally only if the debt is more than £7,500 and less than one year old. So far as I am aware, they do not operate a minimu, 40p in the £ dividend criteria.
It appears that you could offer a return of approximately 33p in the £, after IP costs, so I would think that you have a good chance of success if this is the way you decide to go.
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: Mon Jun 04, 2007 9:47 pm
by RedDevil
Hi n_b,
I don't know how far down the road you are with your IP but please make sure you have made the correct choice. My IVA was rejected because I received bad advice given my set of circumstances. I think the small companies offer the best service. They don't give you a reference number instead they refer to you by name. If, you go with someone like Melanie you will be well looked after and treated with respect. IVA companies and IP's are reviewed over at
www.iva.com so might worth having a peek to see how yours is doing. Good luck with your IVA and keep posting on the forum.
RedDevil
Posted: Mon Jun 04, 2007 10:27 pm
by Skippy
That's good advice from Red Devil. Make sure you are comfortable with your IP, and don't agree to anything you are not happy with or don't understand. 5 years is a long time on a budget, and even longer if you are miserable!
Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.
View my blog at
http://skippy13.blogs.iva.co.uk/
Posted: Tue Jun 05, 2007 9:34 am
by n_b
Thanks for all the good advice
, can any one tell me how would our tenancy be affected if just my husband went bankrupt its with a housing association and in his name only we don't owe any arrears. I have heard they can end your tenancy if you are made bankrupt
Posted: Tue Jun 05, 2007 11:22 am
by iva experts
Hello n_b,
In my experience the creditors that you have mentioned are quite receptive to IVA's. As Melanie stated Blackhorse are rejecting alot of proposals but in your case they are not a dominant creditor so should not pose as a problem.
Best Regards. IVA Experts
Posted: Tue Jun 05, 2007 12:39 pm
by Oliver
You will need to investigate whether your currency tenancy agreement will allow you to file for bankruptcy. In my experience bankruptcy will often not effect a current tenancy agreement (as it is more dependant on your payment history), but can sometimes cause problems if you are seeking to take out a new agreement with a new lender.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp