refused by black horse

[lisa]

there you go what did i say, we have been refered to a company called payplan, to start a debt repayment plan, not sure who they are or how good they are or what any more thanks any way to every 1 on here

[Oliver]

Sorry to hear that Lisa.

Any more details on the refusal?!!

Please remind us what your original debt was and the amount of disposable income that you were offering?



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Hi Lisa
Am I right in thinking that Blackhorse had less than 25 percent of your overall debt ? I seem to remember that your IP stated this even though the figures you supplied suggested that they had more than this.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[lisa]

hi no more details she just said that the company that vote on behalf of Bh voted no,
our debts were approx 19,500 and we were offering 201 mth for 8 mths then 280 for the rest due to gas n elec arrearsjust worried now as BH said they were taking us to court n now i guess thats whats gona happen,
any 1 no how long a payplan dmp takes to set up?

[ivoriva]

Sorry to hear this Lisa. Payplan are a 'free' debt management company that will arrange informal a single monthly payment with you on a pro rata basis then distribute it to your creditors. Once in place, the creditors should eventually stop charging interest/charges on your account (though this isnt guaranteed) so your monthly payment eventually pays off your debt, in full. However, the arrangement is informal so either you or your creditors can change the agreement at any time. It should also allow you a little more from your income than a IVA would, as you would be doing it for a lot longer. If you really dont want to go bankrupt, you could setup this kind of arrangement - if nothing else it should buy you time and reduce the pestering from creditors (though sometimes it can take a while for them to stop pestering - I would say if you are in this arrangement and you are getting calls, always refer them back to payplan and never pay them anymore than what you are giving to payplan on a monthly basis). If they dont stop interest/charges than really seriously consider bankruptcy as the creditors are just taking the p**s! Once in place, you should consider your longer term future and either try an IVA again in a year or so time or just bite the bullet and go bankrupt, or if you are happy with the arrangement and your creditors are playing ball, you can continue paying into it. Note from April 2008, simple IVA's should be available and require only 50.1% of value to vote in favour - and I believe creditors cant even suggest modifications. I dont know your case details so dont know if this would help you in the future.

[Adam Davies]

Hi Lisa
I think DFD were unwise to propose an IVA on debts of 19K,simply because of the costs involved in using an IP to administrate it.
I pulled out this post by Melanie
2300 Posts
Posted - 12 April 2007 : 18:54:26
--------------------------------------------------------------------------------

Hi Lisa

You will be paying over £16,000 against debts of £19,000 over a five year period, with your IP charging fees and costs in the region of £6,500. Creditors may well look at this and say that if you were to pay your payments directly to them each month, you could avoid an IVA - albeit they could continue to charge you interest and the repayment period would be much longer than 5 years.

Let your IP carry on with the work. It is in their interests to finalise your proposals and to get a result at the creditors meeting otherwise they will not be paid. If the IVA is not accepted, you can always revert back to the CAB at that stage.

In the meantime your IP should have written to creditors advising of his involvement, but unfortunately this does not seem to stop the endless calls and letters.

And don't forget to tell us how you get on!

Regards, Melanie Giles

A debt management plan should be set up fairly quickly and if you pay £280 per month over 6 years you will have repaid all your debt,as long as you can get the interest stopped.Only a year more than the IVA would have been.
Good luck


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

I am sorry to hear that your IVA was rejected, Lisa, but to be frank I was suprised that your IP was putting it forward in the knowledge of Black Horse's policy - see my earlier posts. Are you sure that DMP is the right way forward for you over bankruptcy? Do you have any assets which would be at risk in bankruptcy? And ivoriva makes very good points about SIVA's which are anticipated next year, so maybe you could do a DMP for a year and then try one of those.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ivoriva]

Answering your question above, payplan are very busy so it may take a few months to setup. However, if you tell them your situation regarding IVA and the probable pending court action, then they may make you a priority case. There is also the CCCS who do exactly the same thing as payplan, so you could do a DMP with either or even try dealing with the creditors yourself and setup your own informal arrangement.

Court action isnt as bad as you think, it will involve getting a CCJ and you will have to submit a I&E to the court who will then decide what repayments you can make. Normally a creditor will only do this if you arent willing to offer something informally or via DMP first.

[gimmewine]

Really sorry to hear that, but keep your chin up.

You've had a disappointment, but it is not the end of the road, there will be a solution for you. I would very much doubt Black Horse taking you to court if you have no assets, as it will cost them money. They will just continue to hassle you, so change your phone no if you haven't already done so.

If I was in your shoes, I would go on a DMP for a little while to give yourself some breathing space. You can contact either Payplan or CCCS for this (Consumer Credit Counselling SErvices). If you have no assets to protect, bankruptcy may be a really good option. You will then pay for a maximum of 3 years and your credit file will only be marked for 6 years same as IVA.

Still thinking of you

Ann

[Oliver]

I would agree with the others that the best way forward would be to arrange an informal plan and then take stock of your situation.

What was the reason that made you choose an IVA over Bankruptcy?

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

If Payplan are too busy to do a DMP for you for a few months, then I can recommend a company who can do one for you in a couple of days. They are Brightoak - and their telephone number is 0800 0437 222.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[sue h]

is black horse different to Lloyds tsb or not?sorry to sound so simple

[MelanieGiles]

Yes - although owned by the same people, they have very different lending and recovery policies.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[lisa]

my husbands, not happy with me again,
i think he thought that 2day was the end of probs start of fresh if u get me now it hasnt happend n we are again not knowing time scale ectect, we are going to get taken to court ect, if his work was to find out they not be happy and it may mean he wont get any higher up the ladder, i again feel like a failure and i had the rant off him again about hows id messed up.
he said i was to fin dout there n then how long paypalwould take and what we do in the mean time, it seem that DFD direct have just washed there hands of us and i dont no what to do now....i spent most of afternoon in tears and im dreading the phone call from BH in the morning as they be on to bragand demand payment i just dont no what to do now i mean dfd dont seem to want to helpand PP havnt got our stuff so they cant do anything yet,,,,, its hopeless

[aguise]

Hi Lisa
So sorry it didnt go your way. Why dont you do as Melanie suggests and try the other company if they will sort a dmp quicker for you. Why not speak to them and see what they say.

Ang