www.iva.co.uk

Chances of approval?

Just wondering what my chances of approvals are? Im the the process of an IVA with FSS - Financial Support Systems and my creditors meeting is scheduled for 21/12/2020 at 10:30. With it being so close to Christmas, I think I’d sleep better knowing what my chances are if anyone can give me their opinions?

Total debt is c£50k and my creditors are -
Sainsbury’s Bank loan (majority in terms of value at 31%)
Salary Finance Ltd loan (13%)
MBNA CC (14%)
Virgin Money CC
Lloyds Bank CC + OD
NatWest Bank OD
PayPal credit
Secure Trust Bank loan
Vanquis CC
Home Retail Group CC
Next Directory credit
LaSer (creation)
Klarna Bank loan


My biggest concern is a rejection from Sainsbury’s, Salary Finance and/or MBNA as they hold such a large amount in value. Do they have a particular history of accepting/rejecting?

My dividend for the IVA is only 14.69p/£ with bankruptcy showing 3.49p/£ with £0.00 for creditors after all fees etc.

Things that may go against me - my partner and I bought a house 2 months ago. However, the entire deposit was gifted and his can be shown on our bank statements. The mortgage is actually £150 a month cheaper than our previous rent.

Also, any feedback or personal reviews of FSS would be amazing!

Many thanks in advance

Sorry that should read “Chances of approval” not changes! [amended by admin]
Also not sure if it’s worth noting, but Virgin hold 9% of the total value.

The house deposit being gifted is of no consequence --- being gifted means it is still an asset, unless the donor took security on the house for its repayment or owns a share of the property. Equity will not be looked at for 4 and a half years and the deposit will be part of that.

I am afraid that I cannot comment on voting habits as they do tend to change with the wind ! However, given the choice between around 11p in the pound against 3p in bankruptcy, they are likely to accept. Fingers crossed.

I am with the FSS have been in a iva with them for 7 months and they are amazing , so so helpful , always pick up the phone and help with any questions I may have , I had around 14 creditors when applying for my iva, I had a few the same as you, PayPal credit , vanquis, NatWest and Klarna , all went really smoothly at the creditors meeting , I can’t comment on the mortgage side of things as I rent and have no assets , but I can honestly say I find the FSS 10/10, I have read horror stories from other iva companies and Iv not had one problem with FSS , I wish you the best of luck .

@lauren923 that's great to hear- well done.

Hopefully that will build a little confidence although you can never say they will react the same as each iva is individual.

Here's hoping a celebratory Christmas us ahead for you

I am also with FSS I've been woth them for just a few months and they have honestly been amazing. As discussed also answer the phone, always polite and respectful and answer any questions I've ever raised.

Unsure about the debts but I had a majority with Vanquis and mine was accepted.