Author Topic: Failed IVA and Max Recovery  (Read 21944 times)

Harper75

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Re: Failed IVA and Max Recovery
« Reply #30 on: Mar 10, 2011, 05:33:36 PM »
Cheers James.  Got the papers in the post today.  Wanted to get it all done today but am at work so can't.  Am off tomorrow so will sort it then and hopefully have it in the post come Saturday.  The nice lady at the National Debt Line also stated I can put things like birthdays and emergencies down on my expenditure sheet so I have.  I now have a surplus of about £180 which will be offered to creditors.  At this moment in time this figure should comfortably be met and in some ways I want it as low as possible so that when I propose my IVA I may be able to offer perhaps circa £300 per month which MIGHT make it look more attractive.  One thing is for sure I refuse to be on a DMP for the rest of my life. 

shocksoc335

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Re: Failed IVA and Max Recovery
« Reply #31 on: Mar 12, 2011, 07:42:30 AM »
I'm pleased your on the road to recovery it will take time but you will get there!

If in the meantime you receive correspondence etc from creditors you don't understand or feel intimidated call NDL as they offer continuity of advice free and impartial and can offer you reassurance as can people on this board too!
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James Falla

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Re: Failed IVA and Max Recovery
« Reply #32 on: Mar 14, 2011, 11:52:48 AM »
Well done Harper75
 
The advice from the National Debt Line is spot on. You can certainly add a budget for emergencies into your monthly expenditure. Given that you are going a DMP, you can add Birthdays as well but once you come to apply for your IVA, you will have to take this line out or add it to another area of your expenditure as the creditors will probably not allow it.
 
In terms of the amount you are paying, I would not worry about keeping it too low to make a subsequent IVA offer more attractive. You are not likely to get a reaction from any of your creditors in this area. If anything, one might pick up on the fact that you have been paying less in your DMP and question why that is and why you can suddently then pay more. As such, it could turn into a negative rather than a positive. However, as I have said, the likelihood that this would affact the outcome of any IVA proposal you make is pretty much zero so no need to worry.
 
Good luck with your DMP and let us know how it goes.
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Harper75

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Re: Failed IVA and Max Recovery
« Reply #33 on: Apr 18, 2011, 06:36:12 PM »
Hello.  Just a quick update though not much to say.....

I signed my consent form with the cccs last Monday after supplying them Wit the info they needed.  Just a case of waiting now. 

However I do have an issue that is worrying me.  I have read various things with regards to doing the first payment.  It seems a lot of people make payments on the 1st of each month and this will be a problem for me as this is before I get paid and hence won't have the money to make first payment which would be a great start!  Actually the more I think about this the more I am panicking.

James Falla

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Re: Failed IVA and Max Recovery
« Reply #34 on: Apr 19, 2011, 06:39:59 PM »
There is no need to worry at all Harper75
 
As with all debt management organisations, CCCS should be able to take your monthly payment at a date in the month which is convienient for you. For them to suggest you should make your payment before your money is paid to you each month would not make sense and I am sure it will not happen so no need for you to worry. Once you have agreed the day in the month when you make your payment, the key thing is to make sure you do so regularly and on time. Keep us up to date with how you get on :)
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Harper75

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Re: Failed IVA and Max Recovery
« Reply #35 on: May 09, 2011, 08:10:50 PM »
Hello all.  Hope everyone is well?

Just to let you know I received a letter/pack from CCCS last Saturday telling me my DMP is now set up and my first payment is due on the 1st June.  So a big thank you to everyone who helped me.  Like I said in the past I don't plan on doing the DMP forever because it will take me 30 years to pay off my debt at the agreed £276 per month.  I will give it a year perhaps and then see about entering an IVA again.

I do have another question?  Do I have a right to try and claim back PPI with my creditors despite having a failed IVA and now entering a DMP?  If so will this have an adverse affect when trying to enter a new IVA?  Also what happens about the creditors who sold on the debts?  Namely Barclays.

Sorry for all the questions again.  Just want to explore these possibilities if it means I have a chance of reducing my debt or even better receiving some money in my back pocket.

Thank you.

James Falla

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Re: Failed IVA and Max Recovery
« Reply #36 on: May 11, 2011, 07:14:19 PM »
Glad to hear your progress Harper75
 
You do still have a right to claim for mis-sold PPI as this is a totally seperate legal issue from whether or not you are in a position to repay your outstanding debt. If you do make a claim and get compensation it will not have any adverse affect on any future IVA application you make. You would have to apply for compensation to the creditor who originally mis-sold you the insurance. So that would be Barclays.
 
Of course, if you are awarded compensation, the sensible course of action would be to use it to repay more of your outstanding debt :)
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Harper75

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Re: Failed IVA and Max Recovery
« Reply #37 on: May 11, 2011, 07:49:28 PM »
As ever thanks for your reply James.

Now that my DMP is nearly sorted (hopefully!) I want to remain in fighting mode and try and get some PPI back.  Do you know the best way of going about this?  Do I do it of my own back ot go through one of the specialised companies?  Also I don't have any documentation relating to my defaulted loans apart from my account numbers.

My thinking was if I won anything to put it aside to help with my DMP payments.  Not go on a two week holiday to Las Vegas :)

James Falla

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Re: Failed IVA and Max Recovery
« Reply #38 on: May 12, 2011, 05:31:13 PM »
No probems at all Harper75
 
If you want to make a claim for PPI miss-selling, you can do so yourself. It is not necessary to use a claims company. Of course you can use a claims company  if you want. However, they will normally charge a fee of between 20% and 40% of any money they get back for you. As such, I think it is best to make a claim yourself first.
 
If you do receive compensation, you would be doing the right thing using it to pay off debt. My advice would be to use any lump sum you get to make settlement offers to one or more of your creditors. I this way you will be able to make larger inroads into paying your debt off.
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