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 payday loans in IVA?
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John
New Member

3 Posts

Posted - 04 Jul 2011 :  10:59:46  Show Profile  Reply with Quote
My mate has got a debt plan and the payday loans that he has isnt agreeing to it. Is it the same with an IVA or will payday loans companies block it in the same way? He is thinking about switching if you can help please with details thanks

IVA Adviser
IVA Expert



742 Posts

Posted - 04 Jul 2011 :  17:11:45  Show Profile  Reply with Quote
Hi John and welcome to the IVA forum.



Payday loans companies often agree to debt management plans (I think your friend is on a debt management plan?) so I think he has been unfortunate if they haven't agreed to the offered repayments.



IVA's work quite differently to debt management plans. A small creditor that objects to a debt management plan can sometimes render the DMP useless. However, in an IVA smaller creditors can be bound by the terms of the IVA so long as enough creditors vote to agree with the proposals. The larger creditors typically agree to IVA cases so long as the company handle it meets the guidelines that the creditors set.



Subject to other circumstances your friend may therefore wish to consider a switch.



It would be interesting to get some feedback from Mike or Beverley about how payday loan companies tend to vote for (or against) IVA proposals when they receive them.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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John
New Member

3 Posts

Posted - 05 Jul 2011 :  09:20:18  Show Profile  Reply with Quote
I don't know if it helps in terms of an IVA, but the actual payday lenders are Payday Express, QuickQuid and Wonga. It would be brilliant if I could pass on some feedback about them ones themselves.
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Mike Sloper
IVA Expert



107 Posts

Posted - 05 Jul 2011 :  16:28:23  Show Profile  Reply with Quote
Hi John



We've never had a problem with these companies rejecting our IVAs. They seem open to good IVA proposals.

I am a Insolvency Practitioner handling IVA cases.
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John
New Member

3 Posts

Posted - 06 Jul 2011 :  13:40:23  Show Profile  Reply with Quote
Thanks for the feedback. I'll need to have a chat with my mate because I reckon he needs to get switched over to an IVA rather than the current debt plan which isnt really working.
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fionaE
Just Joined

1 Posts

Posted - 27 Jan 2012 :  06:48:01  Show Profile  Reply with Quote
Post and a link to a payday lender removed.
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Beverley Budsworth
IVA Expert



311 Posts

Posted - 27 Jan 2012 :  08:36:30  Show Profile  Reply with Quote
Hi John,

I have to agree with IVA Adviser and Mike Sloper, we don't usually experience difficulties with Payday lenders and IVAs.

If you need any further assistance, please don't hestitate to contact the IVA forum again.

I am an Insolvency Practitioner handling IVA cases. To contact me about starting a IVA please:   ???
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IVA Adviser
IVA Expert



742 Posts

Posted - 27 Jan 2012 :  09:16:22  Show Profile  Reply with Quote
Hi Beverley.

Thanks for adding your thoughts on the subject.

Sadly fionaE seems to be working to promote payday loans, as evidenced by the link in "her" post. I've removed it all now.

It really shows the despicable nature of parts of the payday loan industry that it's seen as appropriate to target a website like this used by people with serious worries about debt.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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