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    • NorthernLas
    • By NorthernLas 28th Oct 17, 8:54 PM
    • 1,252Posts
    • 3,150Thanks
    NorthernLas
    Getting IVA on track or getting rid...
    • #1
    • 28th Oct 17, 8:54 PM
    Getting IVA on track or getting rid... 28th Oct 17 at 8:54 PM
    I am asking for advice for my now partner. My questions are around what his next steps should be.

    History:

    He has an IVA started in Dec 2012 and to which he has been paying £1 each month since August 2014. The IVA was originally with ClearDebt (now Accenture) and the low payment started because he was made redundant. The original debt was around £15k (he thinks) and the agreement was £130 a month. From August 2014 to July 2016 he was self employed with an unpredictable income (roughly living wage). Since then he has been employed on a temporary basis with his contract being renewed every 3 months. He has an old car and no assets. He is 63 soon, so he has 2-3 years before retirement.

    He has submitted IE forms when requested and is currently in discussion with Accenture. The telephone interviews so far seem to be ‘how much can you pay’, ‘can anyone lend you money’. The second interview concluded when it became apparent that the advisor was looking at another persons IE sheets!!!

    1. He has asked but not received a statement of what his debts and management charges are. Are the company obliged to provide this information or can they choose not to?
    2, He expected the company would ‘fail the IVA’, but they have not suggested this. Any thoughts on why they haven't (e.g. Is he continuing to accrue management fees)?
    3. One option is that he pays what he can (about £70 a month), but so far the advisor seems to be working through things asking him where he can save to add to the payment and extending the IVA. How long can the term be extended?
    4. There is the option of ‘borrowing’... is this, guess how much they might accept? Or will the debt have been sold on so any offer should be less?
    5. If the IVA fails would the IP petition for bankruptcy?

    Thanks in advance
Page 1
    • sourcrates
    • By sourcrates 28th Oct 17, 11:00 PM
    • 12,419 Posts
    • 11,819 Thanks
    sourcrates
    • #2
    • 28th Oct 17, 11:00 PM
    • #2
    • 28th Oct 17, 11:00 PM
    Hi,

    What a strange situation to be in, never heard of this happening before, weird.

    If it were me, I would take back control, stop paying the IVA let it fail.

    I very much doubt they will petition for your bankruptcy as you have no assets to realise, so that’s not a worry.

    Possibly a debt relief order may help when the dust has settled, see what others think.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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