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  1. Our house was repossessed in 2011 (not necessarily our fault - see rapid property/phil martin threads) and a sale was recently agreed at £71k (joke) was recently accepted. We owe 82k at present, but don't know what fees the lender will slap on the total amount. We have not yet been advised of the shortfall or a lump sum offer as yet. Some people have said to not acknowledge the shortfall at all?? We also have a secured loan (balance around £7k) on the property, which have continued to pay throughout and are starting to really resent...would like some advice on whether we should just jack this off! At what point does the loan become unsecured? We have had no contact from the lender on this but if a sale has been agreed surely it is unsecured by default...? What action can the loans company take if we refuse to make any further payments? If we refuse to pay the shortfall and stop paying the loan, they can both slap a CCJ on us but what other action can they take? They can threaten bankruptcy but that would cost them and they wouldn't recoup anything from us... In total, we owe an estimated £35,000 including the above and really need to reduce our monthly outgoings. We are spending the bare minimum for a large family at present and are really struggling. Would an IVA be suitable? If so, at what point could we enter into one? Who should we go to? Is there a better option? Credit rating is already shot and don't want to apply for any in the foreseeable future anyway, so not concerned by that. We are currently renting, have next to no assets and my wife is in a career that may be adversely affected by a bankruptcy, so we would like to avoid this option if possible. Any advice greatly appreciated.
  2. Please help. I got into £65,000 of debt, various reasons that are not important now, my husband also has £20,000 debt. We have our mortgaged family home and a buy to let property, both of which are in negative equity although only by about £5,000. All mortgage payments are up to date. We both applied for IVA's, mine was accepted and my husband's refused so he went into a DMP. I paid £338 per month and he pays £100 from March 2010. I am self employed, my husband is employed. Shortly before it all went through I became unwell, had an allergy to the medication, had to have radio active iodine ... all this lasted a year during which time I couldn't work very much. This, coupled with the recession, meant I couldn't keep up the payments. I am two and a half payments behind. I spoke to my IVA company and to another company and read heaps and decided fail my IVA and to go bankrupt. I filed my petition on Friday and the OR rang me today to set up a meeting. Some things I didn't know: 1) I would have to pay my half of the rent to the OR and my husband would have to pay the mortgage. My half after service charge etc is £325 2) I work for a couple of companies where I do a job over 6-8 weeks, I have to tell them I am bankrupt so they can stop the contract at the date of bankruptcy and start again after that date. If I tell them I am bankrupt they are unlikely to give me more work (purely because of the nature of my work, although it isn't financially related). They currently account for two thirds of my income. 3) As the car is registered in my name I have to prove that it is a family car and that my husband contributed to it's purchase 4 years ago. It is clear that bankruptcy is totally the wrong option for me. I have since spoken to family members who can pay the IVA arrears and will fund the next 6 months while I get back on my feet work wise. What can I do? Can I cancel the bankruptcy and go back to the IVA Any advice welcome as I am out of my mind with worry. Thank you
  3. Hello everyone, I have gotten myself into debt and am currently in the process of setting up an IVA with PayPlan. I just wanted some advice on if i am doing the right thing and also if there are any things i should be doing. Debts: Wonga - £768.49 Minicredit - £500 Payday 1st - £236.25 Quick Quid - £763.75 WageDayAdvance - £312.50 Natwest overdraft - £1000 Natwest Grad Loan - £3240 Natwest Credit Card - £3045 Gas bill from previous property - £257.49 Water bill from previous property - £71 Council tax arreas from previous property - £426 PayPlan have advised that an IVA is the best option for me, paying £130 a month. I have been advised to change my bank account. I am looking at which bank i should choose - any advice? I do not wish to go with HSBC. I am currently with Natwest. Are Lloyds good? I want to open a current account and savings account. Current account i would like the equivalent to the Natwest Silver as they offer phone insurance. I currently have a good credit rating (i know the IVA will damage this for 6 years). I have been ignoring the payday loan companies, i did initially email them informing them of my position and that i was unable to pay - not unwilling - and that they should contact PayPlan with my reference number. Wonga has repeatedly charged my bank account with various amounts in teh last week. I am currently shoing at £1000 over drawn ON my overdraft - i am assuming that this will bounce out again in teh day day or so as i do not have the amount they have charged in my account? I have made a token payment to my grad loan and will do so also on my council tax, edf and water bill. My main issue is that due to all of this i do not have the full rent this month. I have paid £200 - my rent is £650 - and i am able to afford £300 on my next payday 25th November, followed by the remainding (plus £50 charge) on my December payday. I am with Marques. Im concerned that they will be annoyed as my last months rent was late - but paid in full. I have drafted this email below, can anyone let me know if it is suitable? Good Morning Joanne, I hope you are well. I hope you recieved my £700 payment, i assumed you did as i had not heard from you. I wanted to inform you that i am currently taking an IVA to sort my other debts and will be much more finacially stable after this has been set up in the next week or so. However, in the meantime i have had a loan company remove funds from my account. This has resulted in me being short on this months rent. I have paid £200 to yourselves today under reference *******. At this time i am unable to pay the rest until my following payday. I will be able to pay you £300 on the 25th November (as well as that months full rent of course), leaving £200 (including the remaining £150 plus £50 fee) to be paid on my following payday. I will endeavour to resolve this before that date. But at this time i am not in a position where i can come up with any more money than i have paid to you. I know this is not ideal and it isnt acceptable but it is what i can do at this time. I have enough to pay the normal rent payments following this one due to my IVA. It is due to having gotten myself into a difficult position which i am now getting out of. If you need to validate my IVA set up and the problems i have had please do feel free to contact PayPlan on 08448552171, my reference number with them is: ******* My deepest apologies for this, i know it isnt suitable. I have gotten myself in a bad situation and i am sorting it out. Once i have set up the IVA i will be much more secure and this will not be a reoccurance. If you need to talk to me on the phone please call between 1 and 2pm when i am on lunch. Kind regards, Allana Any advice or thoughts will be greatly appreciated! x
  4. Hi, Im new to the forum and have picked up quite a bit of advice concerning defaults but im still a little unclear on a few things. Id really appreciate some advice in relation to my own case Ill try to keep it short - basically,l i got into a bit of financial difficulty over a year ago and in order to stop any defaults/late payments affecting my credit history, I consulted a company called gregory pennington. Then it all went to pot - i wished i never used them although they did help me get back on track. Ive since stopped using them and manage my own payments now, but when i first started with them, it took around 6 months for them to set up an agrrement with the lenders (lloyds tsb and capital one). This resulted in me ending up with 3 shiny defaults on my credit file. Im slowly trying to repair the damage, but from what ive seen and read, it look slike i have to wait the whole 6 years - HOWEVER - I want to check a few things, if I may: I recieved default notices, and they have given me some time to pay - however one company didnt default me, the other did - when do defaults get applied to your credit file? Is it a certain period of time AFTER the default notice or at the time the notice is issued to you? The Default Notice i recieved was served under section 87 (1) of the CCA. If your paying via an IVA company, are companies still able to issue you with a default? I thought a default warning was to force you to settle the debt or make a suitable arrangement? Id really appreciate your advice on this - do let me know if i need to supply more info...! thanks..
  5. I'm at a critical stage of arranging an IVA: pre-creditors meeting. I'm beginning to realise that the company organising the IVA are running rough-shod over my financial affairs and I am at risk of losing my business if they upset too many of my creditors. The creditors are at the stage where they're about to file for bankruptcy, although they probably won't, as they'd get nothing, but some of the smaller creditors are that dull, they just might. If I go ahead and allow this company to hold the meeting and arrange the IVA, and they continue to behave irresponsibly with my situation (our situation - I have a business partner), can I replace them later? Thanks anyone.
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