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Found 81 results

  1. I am seriously thinking of throwing in the towel. Just can't take the stress any more. I clicked on this link in this forum just out of curiosity. Anyway, the company in question is GW Financial Solutions. I believe they are based in Manchester. They suggested IVA and some Govt backed or funded schemes - can't remember exact words. I was wondering is anyone has had any experience (good or bad) with them. Or if anyone knows of any better and successful ones. I appreciate your help. Thanks in advance.
  2. I am 5 months into a 5 year agreement with Specialist Motor Finance.. due to other situations, I am thinking of entering into an IVA to improve my credit situation. the agreement shows SMF "may" terminate the agreement as i would have entered into a voluntary termination.. i contact them to clarify and they then stated they would terminate the agreement, but if i continued to meet the payments i would be able to keep the vehicle when i asked for this in writing they refused. any one had similar with this company?
  3. Hi there, I am currently in a 5 year IVA and completed 3 years so far Appox 30% of IVA was payday loans and I am now seeing many ads from no win/no fee companies claiming that they can get back not only roll over interest but more compensation too? Please can you advise if this is a good thing and also if its possible to do this while an iva is active? Thanks
  4. Hi all, Im just after some advice…. I am currently in a IVA and when it was accepted allowances were made for my car payment to black horse. To cut a long story short, things have changed rapidly and my income has stayed the same, well it’s actually due to go down and my expenditure is going to rise. This means that I can no longer afford the vehicle that the allowance was made for. Im ok with that, My dad is going to gift me an old car to be able to run, and on completing my income and expenditure form, if I get rid of the current PCP vehicle then I can still afford to live etc and afford my payment to my IVA. I have spoke to my IP and they have said that I can terminate the agreement with BH and the negative debt will be passed on to my IVA as it was taken out before the IVA was accepted. (So I get all that) However…… I have spoke to BH over the last couple of days and they have told me that I must write a letter Voluntary Surrendering the vehicle, drive it to an auction house and they will pass the liabilities to my IVA. BUT. The figure is massive! I purchased a car on a PCP plan for £31,650.98 with zero deposit The total I would have to pay would be £38,207.62 (including balloon) My monthly payments are 47 payments of £455.46 followed by a final payment of £16,801.00 I have currently been in the agreement for 12 months (again circumstances changed quickly due to no fault of my own) So that is £5465.52 I have paid. My current settlement on the Vehicle is £28,846.49 The vehicle is worth currently £24,000ish trade value. They have said I need to Voluntary Surrender the car and my liability is £14093.75 which will be passed on to the IVA. BUT how is this if my settlement is £28,846.49, shouldn’t it be closer to £4846.49? Is this the same as a Voluntary Termination? or is that more expensive/cheaper? Im just a bit stumped how my settlement can be 29k and they get 24k back and still want the remaining settlement including interest when I no longer pay monthly or have the vehicle? I need to get this sorted, as my insurance for the car is due in a week and I do not want to/can afford to insure it. Please advise and thank you in advance Also just to add, as this might change things quite a bit, I received a letter from BH when I did my IVA saying that they intend to terminate my agreement on 27th March 2018 under section 76(1) of the consumer credit act 1974 as I had made a application for a voluntary arrangement.
  5. Howdy! Entering a Token Payment Plan with StepChange as been avoiding creditors for long years now. Could someone tell me how to find old bank account numbers, old ref numbers to finish off my paperwork for TPP? I haven't kept any old letters etc, and I'd like to avoid ringing creditors at all costs. My credit report doesn't exactly show ref numbers. Is it actually crucial to find them anyway? StepChange said it would greatly help.
  6. Hi All, Firstly thank you for your time reading this, but Im not sure where to turn, or the advice I need. The situation is I am in debt, alot of debt. Its always been manageable but recently i have been ill and had to have time off work. This factored with the problem that I am self employed and it hasn't been a great year has grated on my purse strings, and I am now at breaking point. Currently I owe about 85K outstanding made up of the following:- 35k PCP car agreement. - Black Horse 10K Credit Card - Barclays 5K Credit Card - HSBC 5K Credit Card - MBNA 1K Credit Card - MBNA 4K HP - Hitachi 10K Loan - Hitachi 1.2K Credit Card - First Direct 1.5K PayPal Credit 12K Loan - ex partner (Don't know if this applicable) All these payments are up to date with non being late etc, I have struggled and sometimes not eaten to make sure that this is the case. Personal wise, im married (although we are/have separated) Its a rubbish situation, as we have have a family home (in my wifes name as being self employed and also with my level of debt i wouldn't have got a mortgage) although we arn't together im still having to stop there on the sofa as I have nowhere else to go and can't afford to live elsewhere. We are on good terms but obviously this is all putting a strain on what relationship we have left. I have never put anything into the house so to speak, all my money spare goes towards my 2 children. asset wise i don't really have anything, I have a car but thats on the PCP, a laptop my clothes and thats about it. I have no savings, as soon as money goes in, its taken out on these bills. I know ive been stupid, more then stupid but these debts have accumulated over the last 6 years and again, ive never missed a payment, but work has always been plentiful and ive always been able to pay and have some money left over, now things have changed. Im stuck and im panicking like mad. My main concern is going bankrupt, where would this leave my ex wife and kids, im not on the mortgage im still sofa surfing there and my address is still there. Although when we've spoke, she is in no uncertain terms that the house is hers and the debts are my fault and she would not release any money from the house to help me (i doubt there is any anyway as it was only brought in March and she's mortgaged up to the eyeballs herself) also that the house is not mine, would never be mine and i agree with this. I don't own any part of it and would never want anything from her. Im looking at IVAs and Bankruptcy, i think bankruptcy would be best if i knew hers and my children house was safe. Im not bothered about me, they can take anything of mine they want. being self employed its through my own Ltd company. My mum does my books once a week (i pay her as an employee) and after i take my wages and pay tax etc the company is breaking even. I am aware that i not be allowed to be a director of this company if i do go bankrupt, i don't know if i can pass this as well as my shares over to my mum, and let her pay me as an employee via this company. Again, i don't know if this is allowed. Thank you for reading and any advice would be greatful Kind Regards
  7. I was having difficulty with my debts which are around £12K. I am on benefit, and so I foned up Debt Free Direct to see what they could do. I am very upset that all they could offer me was an IVA - 7 years paying £130 a month. Naturally I had to sign up because I was getting constant harassment of one of my creditors Halifax who kept foning me up every day demanding money I didn't have. I am now wondering if the IVA really was the right solution; they didnt offer me a Debt Relief Order which is what I would have prefered. Is there anything I can do besides letting the IVA fail (which I dontwant to do because Halifax will harass me again). Very distressed by the whole thing; Debt Free Direct knew I was on benefits; I really cant see myself paying £130 a month for 7 years, especially as I could loose my benefits at any time anyway, they failed to take this into account. Because of being on an IVA no company would give me advice as I have rung around several this morning; they said the IVA would have to fail before anyone could help me!! NOT happy can anyone please help
  8. Hi there, I have recently sold a property which was mortgaged on the well known Together product. I financial advisor advised that I delink and retain the surplus as a deposit towards the purchase of a new property (currently renting at present due to relocation). The apr on the unsecured element has jumped to over 12%. While this was not unexpected, this is a huge amount, and with the remaining term of 25 years, I will be paying in excess of £100k on an original £30k unsecured element. To me, there must be a case of mis-selling here. I know there have been moves to challenge all this, with nram actions groups etc, but it seems to have gound to a halt. Question is - has anyone successfully challenged the crippling t's &c's of this hike in apr? Is this something worth pursuing. Its late at night, so I can elaborate more on my specific circumstances during the wekl. However, any advice would be greatly appreciated. Many thanks.
  9. I have a large amount of debts which I have been trying to tackle for a number of years. I am currently in an IVA with Payplan which is failing as I am currently employed in a private company who only pay SSP when you are off sick. Prior to arranging this IVA I informed Payplan that I have medical conditions which are a left clavicle joint injury which means I have a screw in my shoulder to hold my clavicle bone in place to my collarbone. I also have Sacroiliac joint injury on my right side which causes me pain and immobility especially when I am under stress, cold and exert myself too much through walking. Due to this I have been issued with a freedom pass as I have been informed that there is nothing they can do as the tissues have worn away from the joints. I also have a suppressed immune system which means I am susceptible to colds and flu’s I have been off sick from work on a number of occasions since starting the IVA, which was only started in April 2012 and could not pay the money into the plan due to my low salary therefore I have been informed that I am in arrears of £244.00. They have advised me that a Debt Management Plan maybe the best option due to the amount of debt which is around £56,000. I am concerned that due to that if I enter into any plans that I might end up in a similar situation of being unable to pay especially if I am off sick and only receiving SSP. I am not entitled to any benefits as I can work but encounter bouts of ill health from time to time and am currently seeking another position that does not operate the same sickness policy. Does anyone have any suggestions as I need to make a decision as soon as possible. Many thanks
  10. Hi, We are in IVA since 2014 July, due to change in circumstances the variation meeting with creditors arranged resulted in their refusal to accept the completion of IVA. Having gone through various posts , as every individual has different case, I am getting confused Having left with no other alternatives, I have couple of options for myself to accept the DRO and for my wife above £20000, go for BK, I am not sure as to what happens to the income as we are totally within the state benefits and my question is how are the funds managed on daily basis until 3 years of the BK, do we need to make any payments as there are no surplus or whether it is going to be decided by the trustee on each and every penny we spend. No assets, only a car used for disabled as a carer worth about £5000. Help would be appreciated.
  11. Hi , I am posting on behalf of a friend , they have been in a IVA, next year it comes to a ends after 8 years, the company they are with have send that when it comes to a end they will have to take out a loan to pay off out standing amount left over, I thought if you went in a IVA after you have been discharged all your debts where write off , the original time for the IVA was 5 years, but after he split with is partner he was left with the mortgage and bills to pay on his own so they extended the IVA , also is ex partner has made him put the house up for sale her name is still on the mortgage. The company dealing when the IVA is X Debt.
  12. My friend has been working for the same company for over thirty years and recently had to fill in some sort of assessment form in which they asked if he had any financial issues that they didn't know about so out of honesty he said yes, I have an IVA, which is almost satisfied and has been adhered to from day one. The company have been very unpleasant about this and are trying to say that he is a high risk because of this and are threatening him with the sack over it. He has been through a grilling today and they're asking for further evidence next week before they make 'a decision'. There is something about this that smells pretty bad. He has three years to go before retirement and I feel this is a cynical sideways way of trying to get rid. I wonder about the legality of this and if anyone on here knows of a precedent that might help throw some light on this thoroughly unpleasant and spiteful behaviour. Thanks for taking the time to read this and I hope someone can offer some advice Regards Andy
  13. Hi Guys, Just looking for some advice as I'm going nuts!!!! My IVA was paid in full 1 year early Feb 2012, I waited a full year for my certificate of completion dated 4th Feb 2014! The delay I was informed was due to ongoing PPI claims for which letters of authority were signed and supplied during that time! I have received over the last 2 months requests to sign letters of authority for claiming outstanding PPI claims for the benefit of my IVA, to quote " It is a condition of your IVA that you cooperate with your supervisor in relation to recovering assets for the benefit of the arrangement"! I have contacted the solicitors acting on behalf of Aperture ( formerly Grant Thornton) who informed me that the company they used to collect the original PPI claims during 2012 did not do the job correctly! I informed them I am currently NOT in an IVA and haven't been since FEB 2014 and I am not responsible for the company not doing its job correctly and I will not be signing anything! I have received today another pack of Letters of Authority to sign!! Just wondering if anybody else has been in this position and where do I stand regarding this situation..... Any advice would be gratefully received... thanks........
  14. "Trust Money' contacted me a couple of days ago, offering me an IVA. This something I had been looking into, although I have never heard of this company. The only thing I can find on google about them is their actual website. As I am unable to find anything else I was wondering if this company is legit? I feel I really need to do something about my debt as making minimum payments account for over half of my income and being a single mum of a baby and being a full time student I am really struggling. My out goings are more than incoming so I need to do something. If anyone has heard of this company or used them Id be very grateful to hear from you. Thanks
  15. Been in a DMP with Payplan since May 2013, was originally for 4 years but over the last couple of years due to a debt being added and monthly payments reducing this is now showing as ending July 2020! what worries me more is that even in July 2020 we still don't know if that wil be the end due to charges and interest being added. Not even sure if we can both get iva as we have 2 debts with link financial and I have been told they reject a lot of iva's. My worry about an IVA is at the moment of budget is not 100% accurate and would have to change as I know they require more proof of your expenditure. We are currently left at the end of the month with a bit of spare money which allows us to have a bit of a life (money for Xmas for my son and days out for him) on this plan but know we should really put everything into paying our debts off but this way it just makes life a bit for manageable. We currently pay 360 month to Payplan and have £21500 debt left and have paid 12000 off so far. I keep reading lots of stories about iva's that scare me but just want to get this debt paid off. Me and my husband both have old cars and I do worry about replacing them as we both pay lots of money in repairs and mot. Grateful for any advise
  16. I'm after some IVA advice Some of you may be aware of the ongoing saga of my troubles with Robinson Way. Well, it has now culminated in us having no choice but to try and get an IVA. We have a creditors meeting in the morning but our IP rang us this afternoon to tell us that all our other creditors have replied but RW have refused our proposal. The trouble is, we dispute the amount RW are claiming so how can they work out whether they hold 75% of the debt? Also, they have refused to supply our IP with evidence of the debt because they say they've already provided it to us (they haven't). They've already had an application for Summary Judgment refused (at the beginning of June) because the Judge said there was insufficient evidence for him to make a judgment and we have a date for full trial in October. Our IP is taking legal advice and said that there may be a chance that they can strike out their debt on the basis that they have refused to provide them with evidence of the debt. Any thoughts??
  17. Hello all. I'm hoping for some advice. Over the last few years, I have found myself increasing in debt (various catalogues, credit cards, overdrafts and a personal loan). Towards the end of 2014, my long term relationship broke down and (stupidly) all debts are in my name. In addition to this, in early 2015, I was diagnosed with with a life long medical condition that meant that I missed around 8 months of work during the last 15 months or so. I have now found suitable medication to control my disease and am back in my full time job . Everyday I receive letters from one debt collection agency or another and to be honest, I have been stupid and just bin most of them. I now feel I am in a place mentally and physically to deal with this massive mess and am hopoing for some guidance really. I am a registered health care professional (not a doctor or anything that well paid - my net pay is £1350 per month) but was worried that declaring myself bankrupt would affect my ability to register with my professional body and as such, came across something known as an IVA. It seems to be something that could be of great help to me but there are so many companies out there offering it, Im not sure if it is something that can be trusted. Thank you for taking the time to read and for any help.
  18. Hi A quick question if I may. A friend has a joint debt with wife. He was in an IVA which completed last year, the joint debt was subject to the Settled IVA. Wife was not in an IVA. Seven years after starting IVA - IVA friends wife has received letter saying they are pursuing for outstanding debt, they can't pursue him due to IVA so going after other name on joint account. I guess some of the payments to the IVA from him over term of IVA will have settled some of the debt. In the past seven years wife has made no payment to IVA and received no communication regarding the joint debt. Can wife be pursued for the debt or not as it is statute barred (over 6 years) ? Could company argue there have been payments to account in the last 6 years via husbands insolvency practitioner thus negating the statute barred defence ? Even though she has made no payments to account ? Could a solicitor file legal papers regarding this debt against the wife ? Thanks.
  19. sorry if this is in the wrong place bit of a confusing one im just coming to the end of an iva all went well for five years until i get a phonecall today saying santander one of the creditors arent covering all of my debt with them according to them i carried on spending on my account after the iva was in place and im not covered for it its my own debt for five years all it has said on my yearly report is evidence required next to santander questioning the amount-i queried it over the years and all i was told was dont worry about it there wont be a problem well there now is as they wont be covered and i now owe 2000 out of my own money which i dont have what advice id like is is it my fault for not persuing this harder is it their fault for not breaking down the amount and saying what was not covered earlier or the IP fault for not clearing this up sooner when i asked they say they have no record of me asking about it-of course not-ive put in a complaint but all they kept saying was but why are you complaining if you spent the money my response was because i was not told about this for five years and could have sorted it out by now if there was a problem where do i stand now as i believe ive been given the wrong information over the course of the iva
  20. Hello I have an IVA jointly with my partner. Due health reasons I got into financial problems. I was medically retired from my job. The only option seemed to get an IVA.. THE AMOUNT £330 a month and finding hard been twenty months. . I have now been discharged from hospital and want to start working again. My question is does effect my IVA. IF I GET EMPLOYMENT any advice would be greatly appreciated.
  21. BBC Money box reported today that those who have completed an IVA and have received a completion certificate may encounter issues when applying for PPI reclaims. http://www.bbc.co.uk/programmes/b05pbwjt 16:19 onwards.
  22. BBC Money box reported today that those who have completed an IVA and have received a completion certificate may encounter issues when applying for PPI reclaims. http://www.bbc.co.uk/programmes/b05pbwjt 16:19 onwards.
  23. Hello I was made Bankrupt by HMCR in Oct 2013 while I was in the process of trying to agree a IVA, on visiting the Insolvency service I was advised as I was trying to agree a IVA, I would not have to resign my company directorships unless this was unsuccessful and my Bankruptcy was not annulled. In December 2013 my IVA was agreed and following this my Bankruptcy was annulled. It has now come to my attention that the other director has informed Companies House that I was bankrupt and resigned my directorship. I am asking was the Insolvency Services advise correct and could the director do this without my consent and is it possible to get this reversed ?
  24. Hello, I would be very grateful for any advice / input on my options to move forward with my debt. I currently owe £50k to about 11 creditors. I have been on a DMP for 3 years paying £140 a month. I am self-employed, I rent and now live by myself so am covering all bills etc. I will be paying off debt until 2046 so am thinking IVA or Bankruptcy may be better solution to enable me to move forward in my life within 10 years. Many thanks in advance FF
  25. ok my situation is a strange one. i entered a trust deed (IVA) 2 years ago but i lost my job this year and all they said was as long as i make a token payment i will be fine. i have been offered a job in canada and seriously thinking about taking it, i need to be there before dec 31st. this month is the first month i have not been able to pay my mortgage as I'm not working also i doubt ill be able to make my payment to trust deed. my question is whats my best option here goto canada and forget about my debt send the keys to mortgage company. can i go bankrupt from canada, explain situation to trustee. I've been reading on here and i see a lot of situations but i don't see any like mine so just hoping for any advice. I'm from scotland so i believe its a different process than england. all advice welcome
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