Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

User avatar
By kerry2004
#99157 Hi

I know you all have already advised me to go bankrupt, I just can't as I am worried my employer will see my BRO/BRU that my debt is due to gambling. They will probably sack me on the spot. So I have decided to do a IVA.

Can you please advise me that I have not paid one of my biggest creditors 18k for 7 months now, I have only paid it for 3 months. I am just worrying that it will be taken to court, they rang me up for reduce payment for £90 last week(from collection centre). at that point, I was seeking help, as I was/am still waiting for my IVA to be set up, what should I do?

1.do I just ignore them, don't pay a penny to any creditor.
2. do I pay £90 for this big one creditor
3. do I pay them all pro-rota from my draft proposal figure.
4. I owed Natwest 2 loans, one is under 7k (did not pay for 2 months), the other one is 18k, only have paid for 3 months, what I mean is if I don't offer my 2 x natwest loan now, they will not approve for IVA, what do you think?

The IVA compay has not actually set anythign up set, as they want me to do write the confession of why I am in debt. when it is actually set up, I will be paying for 62 months, if I start to pay them pro-rata, that means I will be payment approx. 64 months.

I hope I ecplain myself clearly


Please advise asap.
Last edited by kerry2004 on Fri Nov 16, 2007 1:29 am, edited 1 time in total.
Bysurfbabe
#99183 hi
you need shameless sure he will be along very soon he is the expert on iva's
so hold on a bit longer
User avatar
By Shameless
#99210 first off who is your IP? Send me a private message. Also who is the creditor in question?? If you have only even paid them 3 payments you need to be prepared they will not accept your IVA. If they hold more than 25% of your total debt this may well be a significant issue.

1.do I just ignore them, don't pay a penny to any creditor.

If you have instructed an IP and they are preparing proposals then No dont pay anyone.

2. do I pay £90 for this big one creditor

See above

3. do I pay them all pro-rota from my draft proposal figure.

No. Only pay IP. BUT DONT PAY ANYTHING UPFRONT! Wait til its accepted.


4. I owed Natwest 2 loans, one is under 7k (did not pay for 2 months), the other one is 18k, only have paid for 3 months, what I mean is if I don't offer my 2 x natwest loan now, they will not approve for IVA, what do you think?


See my first comments. You need to face it that by the sounds of it natwest have a casting vote. They will not be happy you have only paid 3 payments this alone is reason for them to reject your IVA.

You know I have said you should go bankrupt as have others in the past. Ultimately the decision is your but please I hope you do not fall into the trap of paying an IP any money before you get an IVA accepted as you will struggle to get that back if it is rejected.
User avatar
By kerry2004
#99211 Thanks,

I know Shamless and all of you won't forgive me, as you all have already advised me to go Bankrupt, but please uderstand me, at the moment, I have no other choice. I need a job inorder to servive, If I have no job, I would not have place to live. I am approching 50 years old. who wants to employ me. :x :x

Anyway, Please forgive me.
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By Shameless
#99212 There is no need to say sorry you dont have to explain yourself to us.

Like I say at the end of the day the choice is yours. You can do whatever you feel you need to do. And because of that I hope it works out for you and we will be here to help you all through it.

Never be sorry for doing what you want to do if you feel its the best thing to do.
User avatar
By kerry2004
#99213 Thank

I will PM you shortly
User avatar
By kerry2004
#99214 Shamless, I have PM you, did you receive my message, this is new to me, I don't know if you receive it
User avatar
By Shameless
#99215 No not got anything but I have sent you one which you can reply to that will be easiest.
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By kerry2004
#99216 Shameless, have you got it
User avatar
By Shameless
#99219 Yes I have and I have replied check your messages