www.iva.co.uk

Hi everyone, I have sought advice from Step Change, and Pay Plan, and await their proposals, and I intend to contact a couple of other companies regarding going down the IVA route. It’s that or bankruptcy for me. I want to safeguard the house so IVA makes sense. (Less than 15% in equity currently) My only concern is creditors not agreeing, and possibly forcing other actions. As yet I have not defaulted, but I cannot carry on. I’ve refinanced previously, and now rely on credit to live. Need to break the cycle. I owe monies to Lloyd’s Banking Group, (Halifax, MBNA) HSBC group (M&S, HSBC, First direct) Nationwide, Argos, Fluid, Capquest, Dryden Fairfax, Cabot Financial and finally 1st Stop. 1st stop are my main concern as the consoldation loan was only done in August last year. What are others experiences with these creditors when voting time came around? Many thanks

Hi, one of my creditors was Argos and they were the only one that voted yes and went smoothly with no further contact with afterwards my Iva was accepted.

Each IVA is different (hence individual) so cannot say how your creditors would vote. It will all depend on your level of debt and how much you could afford each month.

If the IVA offer is likely to pay creditors more than they would receive in bankruptcy then it is likely that creditors will accept. With some further details we could assess the likelihood of acceptance - certainly worth exploring. Feel free to get in touch.