www.iva.co.uk

I owe 12,500.00 to over 10 creators I don't have any assets will I be accepted for an iva

There are other options as well as an IVA. The best thing you can do is to speak to a professional debt advisor and weigh up all of your options.

If you don't have any assets, then bankruptcy may be an option for you. Do you have any disposable income after paying out all of your essential living costs?

According to your circumstances a Debt Relief Order might be a way to go. As Clare says, take some specific advice to explore all possibilities.

A debt relief order would be best if you qualify as it is very straightforward and cheap. As the others say get some free advice and look at all the options available.

I have just started the iva process with freeman and jones and I have about 200 disposable per month, one of my creditors is everyday loans worried that they wont accept

Everyday loans can be a bit of a pain. Do they hold a majority vote? IE: What percentage of your debt liability is with Everyday Loans?

Also, if your debt level is £12500 and you can afford to pay £200 per month, then you may wish to look at a debt management plan. With interest and charges frozen, you are looking at a 5 and a half year plan, this is something you may wish to consider.

You won't be eligible for a DRO as your disposable income is too high. Have Freeman Jones discussed all of your options?

sorry disposable income is 150, freeman and jones explained all options but think the iva is best for me

not sure on the percentage as that's the bit I don't understand I owe everyday loans 3500

They have 28% of the majority, so you need them to vote in favour of the IVA for it to be accepted. An IVA is only approved if 75% or more of your voting creditors say yes.

do you no if they have accepted iva before, and would I have to carry on with all monthly payments if it is not agreed.

Everyday Loans historically do not accept IVA's, however they may have changed their stance on this, your IP will be able to advise you better.

If an overall majority vote of 75% is not received, then the IVA will not be approved, so in theory you will need to try and keep up with your contractual repayments. However there are other options available to you such as a debt management plan or bankruptcy. A DRO is not an option if your disposable income is over £50.

sorry got figures totally wrong, I owe 14400 and the debt with everyday loans is 3000 so their percentage would be about 21% so I wouldn't need their vote would I.

Hi Julie.04 - welcome to the forum,

It depends on how many other creditors vote. You need 75% of the creditors that vote to say yes so their percentage could end up being higher if other creditors choose not to vote. We have not known payday lenders to cause an issue in getting IVAs accepted if it is a reasonable proposal.

With the figures you now give an IVA does look a more favourable option as your DMP would take much longer and there is no guarantee interest would be frozen.

Best wishes with your application - Sarah Jolly form FJ posts on here so you have direct contact with them through this forum too.

Everyday Loans tend to offer higher rate loans for customers who cannot get a 'High Street' price. Their APR's are much higher. They offer loans from £500 to £10,000 and I wasn't aware that they'd moved into the payday market. However, I do stand to be corrected.

Historically, they have a reputation of refusing to accept IVA's.

If Everyday Loans are only 21% of your total debt level, then as long as you have a 75% or more majority from the rest of your creditors, then things will be fine