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    • ok again thanks for all advice , im going to continue and struggle on paying the wifes debts and maybe look at getting reduced payments but as for mine i think ill go down the DRO route and try get it sorted but will see and open new bank account somewhere first
    • Nothing to do with your own Bank.     Try to withdraw the money from Parentpay early next week and if no joy contact them.   It may be that the money is showing, but has not fully cleared on their system,
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    • I thank the Consumer Action Group Members for getting me this far in my case which is still in progress.   Situation: The Court has reversed earlier permission for me to rely on witness summaries.    The question upon which I am seeking help, please,  is - do I need to bother myself as to why the Court has reversed permission to rely on witness summaries?  If so, what line of logic or law can might I follow because clearly, the Court has said one thing and then another a few weeks later, of its own motion, the Court has reversed the earlier decision. I find this development quite extraordinary in the sense that as a result of being granted permission earlier, I served the three Witness Summons which had the Court stamp.   Background Having given me permission to serve 'Witness Summons' which I served on 3 hostile witnesses several weeks ago, the Court has now reversed it's earlier decision, and refused me permission to rely on 'witness summaries' pursuant to paragraph 32.9(2), citing that I have not shown steps taken to obtain witness statements from the 3 hostile witnesses.  I however, made two attempts to talk to the hostile witnesses who have been non responsive and I can evidence this.   I would be immensely grateful for some steer from Forum Members, please.
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Hello

I have been pondering if I should post for a while now so here goes.

Myself and my wife are currently at our wits end over our Financial situation. My Current Job pays a basic salary plus Commission and over the last couple of years things have generally been Ok.

However over the last few months the Commission side of my income has drastically reduced due to the current Industry climate.

We have the following debts which are costing us around £690pcm

Bank Loan-£13100

Overdraft-£3000

C/Cards-£6250

HP Agreement-£4000

Total is around £26500

This has now got to the situation where I haven’t missed any payments but I know that probably next month we will need to miss probably all the card payments just to eat.

So I suppose the questions I am asking are

1) Is an IVA the best option

2) What are the Pro’s & Con’s of one

3) Do they cover Joint Agreements

4) How do I go about speaking to a reputable practitioner

Any help greatly appreciated.

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i'd be more inclined to find out who CAN get money out of you, if you have charges &/or PPI you can reclaim etc etc.

 

there is NOTHING to stop you making reduced payments to the CC's for saya year till things improve.

 

how about some cca's/sar's etc

 

let see where you stand.


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Hi and welcome, you have taken the first step to sorting this out by joining our merryband of debtors:)

 

Hello

I have been pondering if I should post for a while now so here goes.

Myself and my wife are currently at our wits end over our Financial situation. My Current Job pays a basic salary plus Commission and over the last couple of years things have generally been Ok.

However over the last few months the Commission side of my income has drastically reduced due to the current Industry climate.

We have the following debts which are costing us around £690pcm

Bank Loan-£13100 - who with? when taken out? does it include PPI? are there any charges that have been added?

Overdraft-£3000 - is this made up of charges or are there any you can claim back

C/Cards-£6250 - as per the loan

HP Agreement-£4000 as per the loan

Total is around £26500

This has now got to the situation where I haven’t missed any payments but I know that probably next month we will need to miss probably all the card payments just to eat.

So I suppose the questions I am asking are

1) Is an IVA the best option - not really

2) What are the Pro’s & Con’s of one

3) Do they cover Joint Agreements

4) How do I go about speaking to a reputable practitioner

Any help greatly appreciated.

 

You could in the first instance send all your creditors a letter stating that due to current climes etc, can you come to some arrangement to reduce payments and stop all interest.

 

if that fails you can CCA all the credit card providers and Loan/hp providers to see if they hold an enforceable agreement.

 

you can also if there are charges or ppi claim these back, the ppi would need to fall under the category of mis-sold.

 

any questions please ask


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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Many Thanks

 

Is there a template letter that I can edit and send to all my creditors?

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Hi

In response to your queries:

In an IVA, it is only your unsecured debts that are included in this arrangement. Your vehicle on HP is secured, therefore a payment would be allowed for within your income and expenditure to continue to make these payments to prevent your car from being repossessed.

1) Is an IVA the best option

The IVA is a good option, and it is an alternative to bankruptcy. The IVA does not carry a stigma attached like bankruptcy, therefore careers and assets are protected. The IVA is also not issued in the local paper, like bankruptcy. In order for your IVA to stand the best chance of succeeding, you must have a minimum surplus amount of at least £100. The company would then draw up and income and expenditure in your proposal to your creditors, to propose that you would like to make 60 payments (5 years), worth of monthly payments of £100. It is up to the creditors to accept or reject this proposal, but nine times out of ten if you do not have assets of a high value, the creditors would rceeive a lot more back from you in the IVA than they would in bankruptcy. Do you live in mortgaged or rented accomodation?

2) What are the Pro’s & Con’s of one

The pros of an IVA is that some companies such as Payplan do not charge upfront fees, therefore if you were to make your proposal, but the creditors rjected this - you would not be charged a penny for setting it up. Upon approval of your IVA, all interest and charges are frozen, whereas in an informal DMP, these can still be charged taking you longer to repay. The IVA is only for 5 years and the remainder of your debt is then written off. The IVA is reviewed annually, so any changes in circs within 5 years can be reviewed. After 6 years, your credit rating is wiped clean. The only possible disadvantage for an IVA would be that you would need to maintain a monthly payment into the IVA for 5 years in order for your debts to be written off.

3) Do they cover Joint Agreements

The IVA is an Individual Voluntary Arrangement. However, if yourself and your partner had sufficient debt level and surplus, you would propose seperate proposals based on the same joint income and expenditure and try for an IVA this way.

4) How do I go about speaking to a reputable practitioner

You would need to look into which company you would like to try an IVA with. There are companies which I would recommend such as Payplan and Debt Free Direct, otherwise take a look at iva.com which may help you to find some reputatable companies.

I hope this helps you in your decision x

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Hi, loobyloo, excellent post, just wanted to update one item, as of 01/04/09 bankruptcys are no longer put in the local paper except in exeptional circumstances

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Thanks for that Debtinfo xx

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Hello

I have been pondering if I should post for a while now so here goes.

Myself and my wife are currently at our wits end over our Financial situation. My Current Job pays a basic salary plus Commission and over the last couple of years things have generally been Ok.

However over the last few months the Commission side of my income has drastically reduced due to the current Industry climate.

We have the following debts which are costing us around £690pcm

Bank Loan-£13100

Overdraft-£3000

C/Cards-£6250

HP Agreement-£4000

Total is around £26500

This has now got to the situation where I haven’t missed any payments but I know that probably next month we will need to miss probably all the card payments just to eat.

So I suppose the questions I am asking are

1) Is an IVA the best option

2) What are the Pro’s & Con’s of one

3) Do they cover Joint Agreements

4) How do I go about speaking to a reputable practitioner

Any help greatly appreciated.

 

Hi rafc

 

My opinion / view is this - before anyone could sensibly advise you whether an IVA is the best or a 'good' option, you would need to provide further information on you and your wifes circumstances (if possible).

 

For example-

 

* are you a homeowner, is there any equity in the property?

 

* are you in rented property, if yes - social or private?

 

* have you any valuable assets including vehicles

 

* a breakdown of who owes what (joint & seperate) in relation to you and your wife

 

* employment information / status (including contract(s) of)

 

* is the HP for a car - are you sure it is HP or perhaps a fixed loan (may be worth checking the agreement)

 

* your incomes (inc benefits) / expenditure

 

* job security / sustainable income (5 years in an IVA is a long time)

 

 

Not withstanding the above-

 

Some pros

 

* once entered into an IVA all correspondence and negotiations are handled by the IP / IVA company

 

* creditor pressure is removed

 

* interest & charges are stopped

 

* homeowners can almost always keep their home

 

* you make one affordable monthly payment usually for 5 years

 

* avoids the perceived stigma of bankruptcy

 

Some cons -

 

* homeowners may need to re-lease equity through a re-mortgage or extend the term of the IVA usually into a 6th year

 

* the IVA will affect your credit record

 

* failing to stick to the IVA might result in bankruptcy and the implications of this

 

* if your IVA fails within the first 18 months - 2 years it is unlikely that you will have paid much off your actual debts due to the fees involved

 

* details of your IVA (along with bankruptcies & DROs) are available to the public via the Insolvency Service Register

 

It might be wise to gather together ALL the details & information on your circumstances and then contact one of the FREE debt charities such as CCCS or CAB (if you can get in) first, for advice on ALL your options / solutions. Make sure you both fully understand the advantages and disadvantages of the options / solutions available to you and think long and hard before you make a decision.

 

If you do eventually decide that an IVA feels right for you it would be wise to contact a number of IVA companies and compare. I personally never recommend individual IVA companies but would strongly suggest you use the ones that do not charge up front fees and as far as I am aware CCCS and Payplan do NOT charge up front fees.

 

Best wishes

Edited by Wintry

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Thanks All

 

For your responses.

Plenty of Food For Thought.

I have spoken To Payplan who have reccomended a Letter to Creditors with a nominal offer for a few months till things hopefully improve.

So I will draft them this week and see where we go from there.

 

Thanks Once Again

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