Recent Posts

Pages: [1] 2 3 ... 10
1
Dealing with Debt / Re: IVA good idea?
« Last post by Lisa Thomas on Feb 16, 2018, 11:48:25 AM »
Hi


If an IVA is approved, all creditors (regardless of whether or how they voted) are legally bound by it so cannot take any further action against you (unless it fails).


5 years plus one year extension in lieu of the equity is the standard term for IVAs that use standard 'Protocol' Terms and conditions.


It has to be attractive to creditors for them to accept it, when compared to Bankruptcy and what dividend they might get if Bankruptcy took place.


You will need 75% of creditor in value that vote, to vote in favour to get the IVA approved.


Are they suggesting your only asset in an IVA would be contributions from your income and that they would be £120 per month?  This is quite a low return to creditors and would need to be attractive when compared to bankruptcy si will depend on what equity you have in your home.
2
Dealing with Debt / IVA good idea?
« Last post by Maxyspeakman on Feb 15, 2018, 09:49:30 PM »

I applied online for debt help with a company called brighter future solutions, I have around £20,000 with Loans & credit cards I'm paying around £500 a month. I was told by the advisor I can write off a high percentage of my debt, they were very In depth and went through everything with a fine tooth comb.


They lowered my payments to £120 a month but because I've got a property with a lot equity in it they said the term would be over 6 years, I'm a little bit worried that the creditors will take further action is this possible once the agreement has been set up?


Ive had a few missed payments and I'm really struggling, is it genuine can I really write off most of the debt I'm worried it's a scam! Seems to good to be true.
3
Here's some more information about the Mandatory Reconsideration. If you apply for this with further medical evidence or inform them you are obtaining further medical evidence , bear in mind this is highly likely to delay the process even more, as there's no time restriction on how long they are allowed to make the decision. How many decisions do you think they overturn after a Work Capability Assessment has deemed you fit for work? I personally suspect next to none. Therefore, the best way to deal with this discriminatory process is to send them a letter by recorded delivery clearly stating why you disagree with the WCA decision and requesting a Mandatory Reconsideration. That way you will get a decision back probably within 2-4 weeks. When the decision arrives telling you the original decision stands, you should then submit an Appeal to the Tribunal Service as soon as possible along with any additional supporting medical evidence. You must submit your Appeal within 28 days of the date on the Mandatory Reconsideration Decision letter. As soon as that Appeal is lodged with the Tribunal service, the DWP have to re-instate your ESA at Assessment Rate until the Appeal takes place and that's not likely to happen in a hurry. Waiting times of 4-6 months and longer are not uncommon.


Remember, don't get caught out by their sneaky underhand rule of once you claim Universal Credit you can't get back on ESA, even pending your Appeal to the Tribunal.


You can still claim Jobseeker's Allowance even if you have doctor's lines saying you are Unfit for Work. The Job Centre has to take your medical condition into account so they can't subject you to the same ridiculous rules that apply to 'jobseekers' who do not have sick lines.


During the Mandatory Reconsideration period and when you have submitted an Appeal to the Tribunal and during the months before your Appeal takes place, you must continue sending sick lines to DWP ESA even if you are claiming Jobseeker's Allowance. In short, make sure there are no breaks in any of your sick lines and continue submitting them throughout the whole process.




Please note: my comments are based only on my own experiences of debt and the benefits system, it is always best to contact a professional debt adviser/Citizen's Advice etc for advice.[/size]
4
Bankruptcy / Re: NT IPA Question
« Last post by Lisa Thomas on Feb 09, 2018, 09:32:00 AM »
Your income will be monitored throughout the period (norm is one year) that you are Bankrupt so if it changes before you are discharged they can put an IPA in place.
5
Bankruptcy / NT IPA Question
« Last post by sboy90 on Feb 08, 2018, 07:40:00 PM »

Hello


I became bankrupt in May 2017, I had no disposable income and so I was issued with a NT tax code and an IPA to pay until April 2018. Assuming I have no change in circumstances between name and April 5th 2018 and the IPA is fulfilled (Last payment is due end of March) what happens if I we to get a new job or pay rise post April 5th but before discharge in May 2018, can the OR issue a new IPA or is it a one shot thing?


Thanks
sboy90
6
Bankruptcy / info ideas for hom design
« Last post by abu_abdillah_bgt on Jan 30, 2018, 12:17:52 AM »
If you need ideas for designing your home please visit my blog shofiinteriordesign.blogspot.com
Thanks
7
Dealing with Debt / Re: Halifax Visa
« Last post by Lisa Thomas on Jan 22, 2018, 12:00:37 PM »
Best of luck.
8
Dealing with Debt / Re: Halifax Visa
« Last post by MrRight on Jan 22, 2018, 11:50:26 AM »
How much do your other debts total?


The arrangement is unlikely to be legally binding so your creditors can change their minds and start recovery proceedings at any time.  If they are owed over £5k each (or join together) they could petition for your Bankruptcy and your property will be at risk of reposession.


If you want certainty you may wish to consider a formal Individual Voluntary Arrangement (IVA).


Excluding my visa debt - I have about 25K outstanding via 4 creditors - loans which will be cleared in 2.5 years - 1 of them will be cleared aug this year so I am making progress. But the cc debt at 330 a month was just one too many and I could not make the full payment last month. To get it up to date I would need to pay about £500 on 1st Feb - which looks impossible if I am going to meet all my other commitments.


I dont want an IVA - as I want to get the debt cleared asap. I always planned to tackle the cc debt once all my other debts have been cleared.


I got into debt through using credit to fund my son's private education - that came to and end 2 years ago and since that time I am making good net reductions in my debt. Except this visa thing was just one too many.
9
Dealing with Debt / Re: Halifax Visa
« Last post by Lisa Thomas on Jan 22, 2018, 09:06:27 AM »
How much do your other debts total?


The arrangement is unlikely to be legally binding so your creditors can change their minds and start recovery proceedings at any time.  If they are owed over £5k each (or join together) they could petition for your Bankruptcy and your property will be at risk of reposession.


If you want certainty you may wish to consider a formal Individual Voluntary Arrangement (IVA).
10
Dealing with Debt / Halifax Visa
« Last post by MrRight on Jan 22, 2018, 05:09:20 AM »
I ran up a 13K debt with halifax visa and paid it off 2 years ago with a low interest loan. I ran it up to 14 k again and last month defaulted. In response to a letter I phoned halifax visa and went through an income and expenditure review. As a result they are freezing the account - no more interest - and I am being passed on to the recovery team. I have been told I will have to negotiate a repayment plan with the recovery team and can offer £1+ per month.


This is all fine and good and I am serious about paying all the money I owe - but I am a homeowner with equity.


Can I trust this? Or am I going to find Halifax Visa taking me to court for a charging order on my house? I have dependents.


I have 4 other debts which are costing me £1K a month in repayments.
Pages: [1] 2 3 ... 10