www.iva.co.uk

Hi all,

I am about to enter an IVA and as everybody I am full of questions.
I contacted giraffe.money who sorted out most of my stuff and then put me in touch with Creditfix. I am in £24k of debt roughly and after working everything out they worked a 16.31p/£ dividend which to me seems a bit low. Main creditors are natwest (13k), updraft(8k), amex 1k, aqua 1.5k and then small credit cards. monthly payment would be £128 which would be a live saver.
Has anyone had experience with this company and creditors with that dividend?

Meeting has been set for Wednesday 29th December which seems so far still.

The dividend is a little on the low side, probably because CFs fees are so steep. I will warn you that they often have IVA's refused because creditors object to the fees. CF get around this by transferring your case to Logan Whyte, who charge less -- this often works, albeit smoke and mirrors !

this has been adding a lot more stress lately on this situation

Hopefully this will be sorted and you will be ok for the New Year.

Just worried cause my first payment has been set for the 31st December with credit fix. Will this be taken out if it gets rejected?

If your IVA is rejected then a payment should not be taken. If it is rejected then cancel your DD.

Hopefully.

It's not a direct debit as I had to enter my card number, which I did considering the company was listed among the best iva companies.

Giraffe.money tells me theyve had people paying as little as 8p/£ and being rejected would put me in a worse position as I had never missed a payment somehow.

If you are not happy it is not too late to cancel this IVA application and try again with another company.

Oh don't get me wrong. Very happy with the monthly payment amount, just really worried it will be rejected right off the bat.

Fingers crossed.

Do you own your home, or rent? If you rent and can trim your disposable income, on paper, to below £75 a month a DRO might be worth looking at - https://www.citizensadvice.org.uk/debt- ... d-to-know/

I own a motorbike which is my mean of transport and I use it a my mean of transport. I rent at the moment but also paying something back to the creditors is the least I could do i think.

Mon Dec 13, 2021 7:16 pmbaguette22 wrote:

I own a motorbike which is my mean of transport and I use it a my mean of transport. I rent at the moment but also paying something back to the creditors is the least I could do i think.

I completely agree -- when I entered my IVA the easier option, at the time, would have been bankruptcy, but I wanted to repay as much as I could -- after all I borrowed in good faith. However, if the creditors do not want to play ball, it is an option.

Mon Dec 13, 2021 8:49 pmFoggy wrote:

Mon Dec 13, 2021 7:16 pmbaguette22 wrote:

I own a motorbike which is my mean of transport and I use it a my mean of transport. I rent at the moment but also paying something back to the creditors is the least I could do i think.

I completely agree -- when I entered my IVA the easier option, at the time, would have been bankruptcy, but I wanted to repay as much as I could -- after all I borrowed in good faith. However, if the creditors do not want to play ball, it is an option.

And that's exactly my point.
IT was in good faith.
Natwest is my biggest creditor, any idea of how they usually vote?

Just wanted to wish you the very best for your creditors meeting- here's hoping you are able to move forwards in the new year.