welcome finance

[markss]

has anyone any advice about dealing with welcome finance loans? not car finance. they are on my iva list but seem to be pushy.

[Adam Davies]

HI
How much do you owe them and what is your total unsecured debts ?
Regards

[markss]

hi Andy loan was £4000 paid back a mere 800 pounds get patyments todat even tho late

[Adam Davies]

Hi
What is the total of all your debts,not including any secured loans ?
Regards

[markss]

total debts £79000 all unsecured

[markss]

total debts £79000 all unsecured i have no assetts but disposable income of around£300 pcm

[Adam Davies]

Hi
Well because they are a minority creditor they will not cause you a problem if you are proposing an IVA.Treat them no differently to your other credtors and do not feel pushed into paying them if you have been advisd to stop paying all creditors by your IP.
When they call just state that you are taking professional advice and are proposing an IVA,give them details of your IP and that's that !!
Regards

[Adam Davies]

Hi
On those figures you will be returning about 17p,possibly too low.
Is the £300 an exact figure,do you have property and have you approached an IVA provider ?

[markss]

yes they are called clearstart they reckon they can get an iva on this figure which i felt seemed low what do u think the minimum is to get an iva?

[markss]

i have no property and assetts

[Adam Davies]

Hi
There is no minimum,we have seen 17p dividend IVAs on this forum.
Your IVA provider must feel that you have a good chance,so stick with it
Regards

[size5]

The dividend is almost certainly too low at just that figure, but it may be plausible if, for example, there is a car finance agreement which finishes in say 2 years and the payment from that is then introduced into the IVA later on, or if there is equity from a property to be accounted for later on.

[markss]

no theres no car finance etc is it good to use 2 iva firms at same time to compare? i want a realistic outcome

[J-DOUBLEYA]

well, at 17p / £ I would make sure that you did not put any money up front for fees !! Get the VA agreed in principle before parting with a penny. If they wont do that - find another IP.

As for Welcome - well they dont usually demonstrate an ability to understand the OFT guidelines so perhaps you should take the opportunity to remind them if they get heavy.

[Adam Davies]

Hi
It is low but with no assets what is the alternative for the creditors ?
Bankruptcy will net zero and a DMP would take well over twenty years.
I wonder if the around £300 figure will be squeezed upwards by Clearstart by the time your proposal comes through ?
Regards