www.iva.co.uk

Hi
Meeting on the 31st re proposal and acceptance of IVA. It would really help me if anyone had debts with Newday ...as in Amazon,Dorothy Perkins,Fluid Credit cards....I've got debts of about £5000 on 2 of those Credit cards and I'm just wondering if anyone has any advice on whether they accepted the IVA.
Also I'm with Scottish Transport Credit Union and have about £5300 with them but they take my money straight out my wages ....any advice if anyone has had a Credit union approve the IVA would be greatly received.
Thank you

At the end of the day it will depend on whether they actually vote and the percentage of your debt they hold. Credit unions are generally not happy with IVAs --- but, again, this will only be an issue if they vote.

Fingers crossed and best of luck.

The credit union will vote against it - at the end of the day the money they lent was taken from other savers.

You will need to be careful around how the impact of their voting could be.

It is common for CreditUnions to vote against IVAs. Especially if they are taking their payments from your wages.

Is that all your debts? A bit over 10k? If it is and the CreditUnion votes against, the IVA will not be approved.

How much is the monthly payment expected to be?

Has your prospective IP discussed the alternatives with you, such as Debt Management Plans, Debt Relief Orders and even Bankruptcy ?

Fri Aug 20, 2021 11:30 ambowline wrote:

It is common for CreditUnions to vote against IVAs. Especially if they are taking their payments from your wages.

Is that all your debts? A bit over 10k? If it is and the CreditUnion votes against, the IVA will not be approved.

How much is the monthly payment expected to be?

Hi...debt is £58 k and monthly payment is £173

How much do you owe to Credit Union?

£4840 to credit union

If that is not your biggest debt and the others vote yes then you may be ok. What is your biggest debt?

Hi Kallis .
My IP has reassured me that Natwest will accept my IVA and my debt with them is £16500
HSBC £6000
Newday Credit Cards £12000.
We shall see eh x

Sounds to me as though it should be ok and your IP is obviously confident and the other debts will negate any no from CU as they are far higher and hopefully all will vote yes.