A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[dannyboy]

Hi, I got myself into debt and was advised to go with Chase Saunders. I cancelled all direct debits for loans and credit cards and changed banks as requested. Chase Saunders set up direct debits with the banks. None of them has yet agreed to the IVA repayments and I recieved a letter letter today from a solicitors requesting £3000+ from Halifax and threating court proceeding. Chase Saunders didn't seem to give me a straight answer. Obviously I am worried about it going to court and having to pay £3000+ when other banks havn't also agreed payments.

The Solicitors said they will not deal Chase Saunders and want the money paid. I have read that 99% of banks will agree to about 40p in every pound and will never go as far as court proceedings. So what are the chances of me going to court and possibly bayliffs etc and is there anything I can do?

Any help would be brilliant.

[Hg]

Hello

What percentage of your total debts does the Halifax one amount to?

Also, what stage are they at, have you actually had a claim form from the Court?

[dannyboy]

it works out to about 25%. I havn't had a claim from the court yet no literally just a letter saying they are starting court proceedings.

[Hg]

IVAs need 75% creditor approval, so if it's more than 25% then that's a major problem

Why are you considering an IVA. Do you have an asset that you don't want to lose, or are you a director or running a business?