IVA's

[Peter170472]

Good morning everyone,

I'm looking for some advise to make sure everything I'm doing is right in regard to credit card debt.

 

I owe in the region on 10k to Barclays, Barclaycard and Capital One.

I contacted Payplan to see what could be done as I was only just covering the interest each month.

They advised an IVA which I agreed to and has now been set up.

In fact I have just made my third £100 monthly payment.

 

My concern is the constant bombardment of calls from Mercer and the Statements from Barclays still adding interest and charges.

 

Is this usual practice?

Thanks in advance for any help.

[sequenci]

IVAs for a debt of £10k are VERY, VERY uncommon. How much can you afford per month to pay towards the debts?

[Peter170472]

Sorry, I just edited as miss hit the post button.

[Peter170472]

I was paying £100 per week which was just covering the interest charges, I was concerned that the debt wasn't getting paid off which is why I went to Payplan.

They went through my earnings and said £100 was manageable and which was set up.

[stevo7790]

Hi Peter,

 

I have been in an IVA and came out of it for my own reasons.

 

An IVA as I am sure you are aware in a form of Insolvency, not much different from Bankruptcy in terms of what it does to your ability to obtain future credit.

 

You need to look at your personal circumstances, if your not a home owner, have items of very little value, no flash cars then Bankruptcy might be an option as that would stop any form of recovery as far as I am aware.

 

With the IVA normally 15 k plus debts, in my experience a company will take note of all your creditors whom you have any type of credit with ie cards, loans, phone bills and they convene a creditors vote. This means that your creditors vote on the basis they will get a monthly amount from you over a period of around 6 years, some can pay it off sooner.

It then goes to court and becomes official. You MUST keep up with the payments or ask your IP ( Insolvency Practitioner ) to convene another meeting to drop your payments, however if this was repeated they can stop the IVA and your creditors will start contacting you again.

 

Again, it is very much down to you, have a look at your expenditure, and think about the future and any plans you might have as this decision could still be affecting you financially 4 years down the line.

 

Steve

[Peter170472]

Thanks for the reply stevo,

The IVA was been through court and was agreed by all parties concerned.

 

This is why I'm surprised that Mercers have been constantly trying to contact me.

The IVA is running for 5 years which I thought carefully about.

[sequenci]

Peter, are you a home owner?

[rebel11]

Thread has been moved to the correct forum.

[rebel11]

Hi stevo

 

Have a read of 1,2 and 3 in my signature.

 

Thread has been moved to the correct forum.

[Peter170472]

Hi seq,

I rent my home at £400 per month.

[stevo7790]

Peter,

 

I had a creditor chase me, I cant remember who it was, but I spoke with my IP and she sent them a letter and basically told them to behave themselves.

 

There is nothing they can do once they agreed the terms of your agreement. Aslong as you make your payment every month then that is the end of it.

 

I must have started typing my 1st reply as you were editing your OP Pete, sorry about that However none of your creditors should be contacting you now.

[sequenci]

To echo Steve's post you should intruct your IP to remind the creditor that they are now prevented from chasing under the terms of an IVA.

 

Best wishes,

 

Seq.

[Peter170472]

Thanks guys,

I only hear from Barcleycard and Mercers who are a collecting agency for them.

From what I have been reading about Mercers on other threads, I think I will just pass on the letters I've had to Payplan and see what they can do to stop them calling at all hours of the day.

 

Thanks for putting my mind at rest, I'll keep you guys in the loop of how things turn out.

[jasperpad]

Hi

 

My wife has some debyts of approximately £20k (we went marride when she got these). She is a self employed book keeper and we are considering an IVA.

 

Do you know how this wil affect her position as a book keeper? for example will she have to give up her work?

 

We have decided that as the debt is hers we will not include any of my income to help as I have my own debts. (long story).

 

any advice/help will be great.

 

jasperpad