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IVA & DRO

Archives for June 2009

debt managment
hi every1 im new to this but wanted to ask a question that i hope someone knows??? we are with a debt managment company gregory and pennington and we pay them £40.00 a month for there fee is this normal??? my freinds say no it isnt but i have just heard of the new goverment debt relief order does any1 know about this…
Welfare Rights is now Community Law Service. good advice Bankrupcy V IVA
Good people these, dont do an IVA before visiting them. If you are going to spend years paying via an IVA and knowing that it will shread every last pound, especially in the current economic situation, get advice from these people about the 2 options mentioned above.
Big debts, no assets - IVA or BR ?
Reading here (thanks previous posters) and elsewhere, I'm getting a feeling that if you don't have any assets, then BR is the way to go. Would people agree ?
Am I being just stupid or what?
Here's the problem. My professional advisor at Dains wants me to go for an 'open & closed' IVA as opposed to BR, which hitherto I had been councelled by CCCS to go for and which I have discussed at some length over on the Bankruptcy side of this forum. Basic situation: lost own business in 2007, made redundant last Sept…
Related Banks
Hi... How do you find out what banks are related to each other? I'm thinking of doing an IVA and am wanting to open another bank account with another bank that is not related to the banks i'm already with. I've looked on this site but am unable to find anything that relates to some sort of list. The banks i'm with at the…
Do you have to stay in UK while on DRO?
Hello, I'm looking for an advice... I am in debt (a little over £5000) I've been unemployed for over 4months and my JSA has only now been approved. Finding a new job proved to be impossible for me, I am starting to believe that my agents support campaign 'British jobs for British workers' :( and so chances that, my…
Dro soa
INCOME Wage = 0 Housing Benefit = 910 (averaged over year) JSA = 278 (averaged over year) TOTAL = 1188 OUTGOINGS Rent = 845 Gas = 20 Electric = 20 Council Tax = 6 (only 3 months, benefit covers most of it) Food = 150 TV = 12 Mobile = 20 Landline = 30 Hair = 10 Holiday = 30 TOTAL = 1143 Does anything need changing? I have…
Considering DRO, need some advise
Hi there, I'm 29, single, unemployed (JSA for more than a year now), living with parents now (not by choice sadly) with ~ £8000 unsecured debt. I have <£300 of assets and a motorcycle I use for transport that has a Parker's Used Poor Condition vaule of £800 but I would say its worth about £1000. Here's my SOA: Statement of…
IVA B136 Land Registry Restriction Application
I am aware that IVA companies can apply for a restriction on the title deeds of a property (form B136), thus securing outstanding debt on property. The restriction comes into effect when the property is sold and can affect upto 75% of the equity (if any) in the property - this Money is then used to pay any outstanding…
Bank charge and IVA
I applied for bank charge reclaim, but since then have entered an IVA which covers the said account. If the claim is successful, what will happen to the award? The overdraft covered by the IVA was approx £1000, the charge claim was for approx £2300
Forces family in need of IVA
Hi, I wonder if anyone could offer any advice please. My husband is in the Forces, and we are currently living abroad due to his posting. We have a home that we are currently renting out to a family member, this rent covers half the mortgage (we cannot ask them to move out to gain more rent I'm afraid). We are living in a…
IVA vs BR confused advice needed
Hi all We'll I've spent the morning at the CAB and now more confused than ever! I would really appreciate some advice of people in the know. Here's my situation I owe nearly 40k in debts not including a charge of £7k on my property too. If I move out of my house, give back my car on HP and go BR I will be left with about…
IVA vs Bankruptcy now confused???
Hi all We'll I've spent the morning at the CAB and now more confused than ever! I would really appreciate some advice of people in the know. Here's my situation I owe nearly 40k in debts not including a charge of £7k on my property too. In my present situation I have a minus on my income. But If I move out of my house (to…
can mortgage arrears & home improvement loan & council tax arrears beincluded in IVA?
are iva's primarily for credit card & loan debt or all types of debt? i have uncovered approx 20-25k worth of debt my husband has racked up including credit card, mortgage arreas, non payment of council tax and water rates, basically everything you can think of - can they all be included in an IVA or will we lose our home…
Nearly the end of an IVA but...
Good Morning all, Not found a situation quite like mine on the board so was wondering if anyone would offer their opinions/advice to my situation. Technically my IVA would end of the 2nd of August but due to a varience i agreed due the birth of our first child i have a further 1.5 months to pay. Not a problem so far, have…
Help please Redundancy and my IVA
Hi Guys, Please help me as I am at my wits end here, and it's driving me crazy (literally). I have been in an IVA for approximately 1 year now, and pay £550 a month into it. I have never missed a payment, and have been plodding along since starting it up. Out of the blue I have been made redundant, as soon as I was…
settling outstanding debts DURING an IVA.
Is the above possible basically? ie a debtor in a plan has the OFFER of some money to make a 'full and final settlement' to the creditors. I understand a] the iva supplier is 'in communication' with the creditors so may theoretically get to hear of any independent 'approach ? b] ''independent'' as they would not want to be…
Ashley park
I am so annoyed. I phoned a company regarding a loan and was duely passed to Ashley Park a Debt solutions agency. It sounded like a good idea at the time so i said yes. Fortunately things changed slightly for me and I no longer need their service. They have debited my bank account £75!!! Unfortunately i did not realise…
Completed IVA
Completed an £127k IVA in Nov 2006. IVA started in Feb 2002 and raised £50k on house to pay off early - finally paid total of £80K. Credit file is now clear and looks great. Tested my credit rating and looks like I could get any credit card/loan that I wanted to but DON'T EVER WANT CREDIT AGAIN. Still got a huge mortgage…
IVA and credit rating
I am looking to rent a house and the tenancy referencing agency who carried out a credit check on me came back saying that my credit rating indicates that I was discharged from an IVA in 2005. This confuses me for two reasons - 1/ the IVA started in 2002 and is therefore more than 6 years old and I had always been advised…

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