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In Big DEBT and dont know what to do NEXT IVA ?


missy cash
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hi

happy new year to you all, wishing you all the best for the coming year.

 

i have been offered by my parents a lump sum to get me out of the debt im in, this is great news. do you think this will get accepted inside an iva?

 

there is approx 60k of debt. my parents are offering 20k to all creditors.

i however have two properties . ..

 

one has maybe 20- 30k equity in it on market value. but to get a sale complete in the current UK market i think the equity will be about 5-10k very max

 

the other is a complex situation i own 50% of it inside a dead of trust but the title deeds are not in my name and its a simular situation for equity as above ... inact we are poss close to neg. equity on this one.

 

i have over the past 6-12 months tried to sell both of these, without a solid offer - that is what leaves me in this situation.

 

i can not currently get a second mortgage on either of these aswell.

 

i am looking for advise to ensure the safety of my property and how i may make them totally safe / do you feel that creditors will feel they are getting a good deal with a 20k offer for their 60k ?

 

i've tried to keep my issues simple, however if you feel you need any further information - please thread me.

 

thanks again

my best Missy Cash

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hi

 

so ive decided to go with the iva. the firm rates highly on iva .com which is a really useful web site for reviewing iva companies.

 

i am concerned about a few points

 

a. I own 2 properties

 

1. i own it totally and the equity in it is not much , especially in todays market place - however ther may b 10 -30 k equity in it. i owe around 55- 60 k . my parents are helping me with the iva by offering 20k. do you think that this will keep the creditors at bay ?

 

2. the second one is jointly owned. there is prob again not much equity in this right now maybe 25k max . i am not on the title deads.

DO I NEED TO TELL THE CREDITORS ABOUT THIS PROPERTY ?

i would prefer not to !

 

b. there are a few small creditors for 1k each, which i woul like to pay off personally. i also do not want them to know about the IVA.

DO I HAVE TO DECLAIRE THEM ?

 

would appreciate all help and thanks again in advance for all your support.

 

 

ps does any one where i can tell peolpe about the iva advise site iva.com if so would love to share this with everyone on the forum .

 

best missy cash

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Hi Missy, got your pm:) As far as I am aware you would have to tell the Insolvency practicioner (is this what they're called) about your properties-actually just seen you're not on the deeds so I really don't know if they could trace it back to you. Did you CCA anybody? If you have and they haven't got an agreement then it is totally up to you whether you offer a F&F settlement, as I said before you would have to be really careful how you word your proposal to them. Why not write and tell them your parents are offering you a small amount of money to help you out and offer them 10-15% of the balance if you want to do this- they can only say no. If you are definitely going for the IVA and you feel settled with this then personally I would put them all into the IVA as once it is finalised you will have peace of mind and know that they won't come back and bite you on the bum!! That's really nice of your parents to offer you the money but how will you pay them back? Again, if it was me, I would ask them rather than giving you a lump sum, to see it disappear into the IVA pot, could they help you out over the next 5-6 years as it is going to be a struggle. These are just my feelings on what I would do, ultimately it is up to you to decide what is right for you. Your credit rating will be shot for the next 6 years anyway so if you are going for the IVA I would put all of the creditors in it. Good luck in whatever you decide. Just remember you will have support on here no matter what:)

<<<If I have helped please tickle the scales;-)<<<

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Have you had any responses to the Consumer credi Agreement requests to the first four creditors ?

 

If they haven't replied, ten this may indicate they haven't got them and would put you in a strong position to get a lower settlement figure.

 

Help us to keep on helping.

Please consider making a donation, however small, if you have benefited from advice on the forums.

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Any advice & opinions given by supasnooper are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability.

Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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hi Fedup

 

Thanks for your advise, My feeling was to go with an IVA as due to my parents offering a lump sum this menas that the process can tied up in 3-6 months. I am so far aware my credit rating may only be efffected for 2 yrs or so !? Do you know anytihing about f&f IVA's.

 

In my heart I would love to make a Full and Final settlement, however from my research It seems that creditors will still come after me in years to come and i have no way of protecting myself.

 

Also my credit rating may never recover ?

 

Is this true ?

 

Thanks Supssnooper - I have not sent CCA so far. This is a good point.

I think i'll pop them in the post today and see .no harm done after all.

 

i really appreciate your help with this and promt replys

all the best Missy cash

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Hi, got your PM, however i know nothing about IVAs, but thre is another forum on here....Formal Solutions....might be worth starting a thread on there.

Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

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I wouldn't touch an IVA with a bargepole, they are not designed for debtors , they are designed for the lenders - They are are tool of the bankers,

 

far better to negotiate yourself, you will save a lot of time & money in the long run . don't worry about your credit. it will be ruined anyway if you enter an IVA . so what else is there to worry about,

 

Negotiate HARD !

[sIGPIC][/sIGPIC]....Please don't bother my master 'cos my sister & I might bite you...

 

I DO NOT offer legal advice

-

"I just say what I say because everyone is entitled to my opinion!"

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Hiya i was considering an IVA but i was warned off it as my wage is variable depending on over time and bonus etc. Its performance based and i was told any bonuses and overtime are ceased by the iva. Plus its a 5yr agreement so any promotions and wage rises also get taken by the iva. I have thought hard about it and have decided i have a good future and should be getting good pay rises and promotions in the 5yr period so i would lose thousands and thousands using an iva. I think im going to speak to the Debt advice people as Natwest are really not attempting to help me.

I hope you can sort something out and your parents sound really nice. I havnt had the guts to tell my mum the mess im in as she put a large deposit on my house as part of my inheritance following my dads death. Kinda feel like ive let my family down by getting into such a mess

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I wouldn't touch an IVA with a bargepole, they are not designed for debtors , they are designed for the lenders - They are are tool of the bankers,

 

far better to negotiate yourself, you will save a lot of time & money in the long run . don't worry about your credit. it will be ruined anyway if you enter an IVA . so what else is there to worry about,

 

Negotiate HARD !

 

I completely agree, im glad someone has said it, from what i have read about IVAs, theres no good reason to go with them, best to sort it all out on your own, with help from this forum.

Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

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Hi ,

Im so pleased to have found TCF its really given me the freedom to speak and research.

So after the christmas break I have decided that the IVA is really rather a big con and given that i have been offered a lump sum, I think I'll try and negociate with creditors.

I called them all today and they offered me a settlement most of them 50% of the orginal debt.

I want to try to get better as this is there first offer right ?

How I can is a nother matter...

should I wait or should i call back and neociaget fast ?

Can anyone share any stoeies wtih me about how best to negoicate with these guys and any good angles that they feed off ?

 

Ive also today sent all a CCA so thats 2 weeks right ? till then have to reply., Can I negociate with them in the meanwhile - is it stronger for me to wait to see what the reply is ?

 

my best

Missy Cash

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Hi,

I didn't go with IVA 'cos there are drawbacks (like if you get a windfall) within the period it gets swallowed up.

My personal experiences are with full & finals and that is just what they are FULL & FINAL SETTLEMENTS your credit file gets marked as satisfied so they cant come back to you for more later on.

Wait a couple of months is my expierence if you dont hear back - nothing lost if you do hear back its probably because they have found your cca and intend to enforce it.

You may hear back with no reference to your request for cca send a letter and a copy of your request and hit them with a seriously worded letter telling them that you will sue them for non compliance if they continue to ignore your request. (templates on here)

The last f&f I suceeded with was with tsb after receiving a court summons for the total when in court waiting, their solicitor asked if we could negociate - sure I said & settled for 25% (and they had a properly executed cca) - The only problem is that all the time you are not paying, they will mark your file as defaulted.

Nat West - £16k debt - settled f&f £4k

Cap One - £8.5k debt - settled f&f £2.1k

Egg - £15.5k debt - settled f&f £3.9k

Lloyds Tsb - £5k debt - settled f&f £1.2k (Lit)

Barclaycard - £10.8k - lost agreement

£39k of debt still to go!

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Wait for the CCA requests to come back, post them up on here, for us to advise whether enforceable, if they are not, it gives you more bargaining power (suggest you start a new thread for each one to avoid confusion), if you don't get anything still post on here, for further advice.

 

I think you are doing the right thing doing it this way, rather than that IVA nonsense.

Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

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Hi,

I didn't go with IVA 'cos there are drawbacks (like if you get a windfall) within the period it gets swallowed up.

My personal experiences are with full & finals and that is just what they are FULL & FINAL SETTLEMENTS your credit file gets marked as satisfied so they cant come back to you for more later on.

Wait a couple of months is my expierence if you dont hear back - nothing lost if you do hear back its probably because they have found your cca and intend to enforce it.

You may hear back with no reference to your request for cca send a letter and a copy of your request and hit them with a seriously worded letter telling them that you will sue them for non compliance if they continue to ignore your request. (templates on here)

The last f&f I suceeded with was with tsb after receiving a court summons for the total when in court waiting, their solicitor asked if we could negociate - sure I said & settled for 25% (and they had a properly executed cca) - The only problem is that all the time you are not paying, they will mark your file as defaulted.

 

thank you for sharing your experience, is this over many weeks or months ?

i am also caught up with the money rhat my parents have so kindly offered will give me that I want to enusre that I statify their needs which is to put this behind me as fast as possible... but is it that time is really what pushes the credit card companies to accpet less and less ?

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IVA - viris - FULL and FINAL

 

the difference for the future of m credit file

so from the research ive been doing it seems that there is not much different.

 

IVA

Credit file wiped clean after 5/6 yrs

 

FULL and FINAL

Credit file may wipe clean in 5/6 years . I belive that there is a chaNCE IT WILL NOT ?

{ however if I do my full and final legally and get a solicitor to send the final letter before relseasing the funds and cover all the points that the creditor needs to commit to prior to sending the chq THEN it is the same as the IVA ?

 

AM I MISSING ANYTHNIG . IS THERE ANY MORE RISK ON THE FULL AND FINAL .. other than it could take more time . right coz some creditors may agree in the first round some may not so it may need to drag out for a few months and in this time could my credit rating get worse and worse ???

 

one final area tat baffles me, do i need to send a statement of affairs to all my creditors

 

a. to show them my whats my earnings are

b. do i need to send them details of who owe money to and what % i can offer each of them with the money my father is giving me

c. I'd prefer to not tell them A or B but will that in the long run only cause me further problems ?

 

As They could see from my credit file that I have a mortage they possibly know that I own a property - will that cause me issues with getnig a 25%- 30% settlement figures like other people have said is achieveable on this site ?

 

Thank you again to all that can offer me soe advise on the above thread

Missy C

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Hi,

I didn't go with IVA 'cos there are drawbacks (like if you get a windfall) within the period it gets swallowed up.

My personal experiences are with full & finals and that is just what they are FULL & FINAL SETTLEMENTS your credit file gets marked as satisfied so they cant come back to you for more later on.

Wait a couple of months is my expierence if you dont hear back - nothing lost if you do hear back its probably because they have found your cca and intend to enforce it.

You may hear back with no reference to your request for cca send a letter and a copy of your request and hit them with a seriously worded letter telling them that you will sue them for non compliance if they continue to ignore your request. (templates on here)

The last f&f I suceeded with was with tsb after receiving a court summons for the total when in court waiting, their solicitor asked if we could negociate - sure I said & settled for 25% (and they had a properly executed cca) - The only problem is that all the time you are not paying, they will mark your file as defaulted.

 

-----------------------------------------------------------------------hi, Ive written a new thread today which relates to alot of what you speak about here.... i'd love to know

do you need to wait till court notice comes to get 25% settlements or near to ...?

If you let your credit file run these moths to the court hearing does your credit file look worse and worse....

 

Will the credit file EVER been clean ? will someone ALWAYS see you had problems ?

 

Missy cash

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You have to wonder what the credit files of MOST people in this country are going to look like, before we get to the end of this year?

 

In other words, its going to be not whether you have bad markers against your credit file, rather to what degree!

 

Personally, i dont care whats on mine, i never want credit ever again.

Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

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Me i never want credit ever again.

Im going to go bankrupt ive decided.

IVA is rubbish they just cease everything.

I have been told my house should be safe as its classed as negative equity and a friend can buy their interest for a £1 plus my morgage is £350 which is cheaper than rent.

Will probably lose the car as its on finance however if it is ceased i will get given a few hundred to get a run around.

I feel better now i know which way to go.

Once its done im debt free and can start again.

Debt advice line are brilliant and coped with my tears and helped me see the light again.

 

Good Luck guys x

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  • 2 months later...

Hi

 

My situation has moved on alot, thnaks to all your help for geting to here.

I am working on negotiating the settlements myself and i have managed to get one

with MBNA and WESCOT

I have made the following agreements

 

MBNA

£11k

SETTLED AT £3000

I have paid £276 over the phone with a debit card {bit worried is that okay?}

they seem professional about the whole thing

they sent me an email which states this is in full and final settlement

£2700 odd balance I need to send them within 30 days

They are sending a hard copy letter with hand signeture

I recorded this conversation

Do I need to make any further paperwork before paying them the total

Do I need to wirte to anyone about this not affect my credit file in the long run ?

Shall I conifrm that they will not re sell this debt on in years to come etc...

 

WESCOT

£10k LLOYDS BANK

£2300 SETTLEMENT

I have a letter stating that this is a full and final settlement.

Do I need acknowledgement from LLOYDS bank that this is full and final for them too ?

CAN I find out in writing that the debt was sold to wescot for recovery ?

IS there any other paperwork I need before releasing monies ?

Does it matter how I pay them CHQ etc ? Is one proof better than the other ?

 

I am having issues with

EGG - FREDRICKSONS

they will not really negotiate with me they want £4600 on a £7700 approx 60% and

I really want to get them lower. They said that they will pass this to Carter & co

there solicitors , I'm trying to negotiate with them but they will not have it.

they have not been sold the debt they are working on behalf of EGG .

Would it be better to wait a few more months till I negotiate

Will they raise a CCJ, this all started in Oct 2008 so its been about 6 months

since I stopped paying .. is it too soon for them to come below 50% mark settlement?

 

HALIFAX

I owe them £6300

I have a mortgage with them and I want to settle on the loan but they will not negotiate

a inch and they keep adding charges so my £5k is now £6.3k and rising ?

WILL THEY EVER NEGOTIATE OR IS IT BETTER I START TO PAY THEM OFF

I COULD MAKE A £100 a month token payment till I get some work so at least the charges stop rising ?

I DON'T WANT TO PUT MY MORTGAGE AT RISK OR BLACK MARKED ?

 

thanks for all your help and support and just to say that I really appreciate all the support I

have had from THE CAG as without all of you I would not have got this far, thanks again MISSY x

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