Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By fatboy88
#124353 Hi, i'm in the process of stating one with Payplan. It was agreed i would pay £227 a month and i would be paying 37p in the pound and after fees it was 26/27p in the pound. However when i got my agreement to sign they have got me down as £284 and their fees work out at nearly £7k.
Does that fee sound correct, seems like its more like 40% fees to me and its hard to get hold of the IVA people.

any advice appreciated
thanks
will
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By Dab
#124360 40% is about right - it's the max they can take
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By CHILDOFTHEMATRIX
#125223 Will, shop around for the best deal with IP's. Not all charge the max. Try David Horner and Co in York (get their number from 118118). James Creswell is your man..they are terrific. :!:
By fatboy88
#129411 well finally managed to get a date for the creditors meeting for 31st. Paying £224 per month now so hopefully they will accept this.

Bit restless whilst i'm waiting :(
By james23_uk
#129418 Good luck Fatboy. Who are your creditors and what % did you end up proposing?
By here we go xx
#129434 We have got ours on the 23rd getting really nervous we are only offering 28p after fees so don't know how it will go.. i will let you know.. good luck
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By deej
#129564 hi
good luck hope it all goes well
deej :D
By fatboy88
#129607
james23_uk wrote:Good luck Fatboy. Who are your creditors and what % did you end up proposing?


I'm only offering 25p but i have about 10 creditors.
Mint,Virgin,Marbles, Natwest,M&S are the main ones all have told me they wont make me bankrupt so i'm hoping they will accept but i reckon with conditions on the day depending what they are
By james23_uk
#129646 Mint and Natwest accepted my original offer of 30p and you dont list HSBC or Northern Rock who would decline you at less than 35p/40p.

If you dont get accepted you wont go bankrupt. You simply return/move to a DMP and wait 6 months (think it's 6 months) and apply again.

EDIT: Unless you want to go bankrupt of course.
By fatboy88
#131046 Just got letters from Egg and Capital one who says they have closed my accounts and passed it to their external collection agencys. Does this mean they no longer own the debt and i have to deal with the new people.
Is this because of the IVA meeting on the 31st?

thanks
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By PipSqueak
#131082 Hi fatboy

Just got letters from Egg and Capital one who says they have closed my accounts and passed it to their external collection agencys. Does this mean they no longer own the debt and i have to deal with the new people.
These external collection agencies will be the ones will be corresponding with you. They will undoubtably, be mailing you soon to confirm their position. However, once your IVA has been accepted, they can't pressure you for monies, they will have to accept what is stated in your proposal. Also, they should then be dealing directly with your IP and not yourself.

It might be a good idea to let PayPlan know the latest situation with regards to these two creditors, and forward on any correspondence to them.

Good luck for the 31st!
By fatboy88
#132906 Only 3 more days to go but i'm starting to panic now. Its really dragging these days up to the meeting
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By PipSqueak
#132918 I really feel for you. Everything hopefully will go ok. I guess it's the fear of the unknown. I was really nervous too, then afterwards I thought, "what was I worring about?"

What time is your appointment on th 31st by the way?
By fatboy88
#132960 my appointments at 2.30pm but as i'm not going they are going to ring me about 3pm i think to let me know the outcome
By mellowman
#132961 Good luck with it Fatboy, hopefully it'll all be fine :)