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IVA & DRO

Archives for November 2014

Equity release - Stressed and Need Help!!!
I am totally confused, extremely stressed and at my wits end!!! I'm almost at the end of my IVA, paid in all my agreed contributions and now at the equity release stage. In a nutshell,my property is valued at £297,800, so 85% of the value is £253,130 less a mortgage of £189,443 leaves equity of £63,687.00. Cleardebt, my…
Official Receiver Allowances
Hey Does anybody know where I can find a list of items with £'s that the OR will accept for an Income & Expenditure statement? Ali
Debt Free Direct Rip Off Merchants!!
Been in an IVA for 2 years with this firm and I had to cancel back in July 2014 because of soaring payments and the fact that they had taken my Disability Living Allowance as income. Reported them to the Insolvency Practitioners for their behaviour and for the IVA failing beyond my control. Today I got a Variation Report…
DRO and partners car worth over £1000
Could I apply for a DRO if I personally qualify have no assets worth over £300 etc. But my partner has a car registered in their name worth over £1000, but we both use it. Could I put expenses down as using the car?
Old bank account and IVA
Hi, I'm after a little advice please..... I started on an IVA with StepChange in December last year. Everything has been fine with it so far. My dad (who knows nothing about the IVA, and I won't be telling him about it either) transferred £100 to me to help with Christmas shopping. Problem is, he transferred it to my old…
Credit File Query
I'm hoping I can get some help on this. Our IVA started in July 2008 and the final payment was made in January 2014. We've recently received our Certificate and are now in the process of sending this on to the credit reference agencies. On checking our credit files all but 2 of the entries have dropped off as they've gone…
CCJ given for a debt even though included in DRO
hi, i have noticed on my credit report that a debt included in a DRO has also been added as a CCJ and is still showing as active. I have contacted the court and they have said that they will amend the record to satisfied. My question is though should the CCJ be marked satisfied or removed totally as the DRO was in force…
Cancel IVA
Apologies if this is in the wrong location; i havent really posted previously. I have currently completed 3 years of my IVA; which i feel was probably the wrong option for me from the outset but never mind! My IVA company has changed (sold) and the new company are awful to deal with even though i am fully paid up and not…
Are disability premiums on income support included in the budget for a DRO?
I have a DRO in place at the moment and have recently been awarded PIP and disability premiums on my income support. The DRO people confirmed that they won't take PIP into account for budgeting the £50 a week thing (because it's all allocated for my disability) but the people I spoke to were unsure about the disability…
DRO and childs saving account
I will be applying for a DRO within the next few weeks. I asked ny bank , HSBC, wether i would be able to keep my account which i have had around 10 year and owe no money to but the said no. But my question is i have a Childs saving account for my nearly 2 year old which is in both my name and his, and has around £300 on.…
DRO - Is it the right option for me?
Ok a bit of a brief background on me. I have just under £6000 worth of debt, credit cards, payday loan, other loan and two old mobile phone contracts. I have been working with Stepchange and they recommend a DRO since I have almost nothing left to other my creditors when doing an income and expenditure. I was hoping this…
a likely story?
A friend of mine is about to lose her home (lives with partner in partners house). She can't work out what are lies and what are not. Whether it is worth seeing things through or starting afresh. To cut a very long story short he's in deep. He has in theory (but we don't know what are lies) quite a bit of equity, should be…
Completed IVA.
I posted back in august/September regarding a full and final proposal for an IVA approx. 3 1/2 years into agreement. I was delighted when Stepchange held a variation meeting back on October 27th and creditors voted 93% in favour of settlement figure which would bring dividend to 9.13p/£. Today completion certificate has…
IVA Completed and past 6 years
Hi We have completed our IVA and have certificate, its been more than 6 years since it was started so are in the process of getting credit files updated. Would we stand a chance with a bank/building society to get a mortgage or would it be better to deal with companies that have previous experiences with IVA'ers??
DRO and Statute Barred Debts?
Hello Please can anyone advise on the above? Are debts that would be classed statute barred included in DRO? Basically, I got into debt back in 2007- the recession hit, i lost my job and couldn't keep up with payments on several non-secured loans. They have sent letters and debt collectors since then, but have not applied…
Questions re DRO consequences 4 years on...
I obtained a DRO in 2010 with debts of 6k plus after being irresponsible as a student. I was struggling with constant demand letters and unemployed with a baby. Whilst a DRO seemed like a quick fix solution and a blessing I now deeply regret it! I have obtained copies of my credit file and 3 of the debts are still listed…
Selling house whilst on an iva
Hi I am half way through an IVA with Payplan and at the end of my tether struggling on to make ends meet. After being made redundant 5 years ago and then setting up my own business I managed to rake up debts of about £35K. Myself and my husband are looking into selling our house to use the equity to help out paying bills…
DRO Advice - whats it like to live with?
Hi there.. On a recent trip to the Job Centre, I was collared by a CAB Advisor who was performing a survey on how JSA claimants were coping with there debts whilst out of work.. After the interview, she advised me that I would be eligible for a DRO. I have since had them calling me today trying to get me to speak to an…
Equity Release Confusion ??
Really confused with this , 'If the valuation shows that 85% of my interest in the property (after deducting my share of the mortgage and/or secured loans referred to above) is less than £5000 (net of all costs to take out a new mortgage) then I need contribute no more to the arrangement in respect of the property. If that…
House valuation-potential equity release
Hi we are about to enter into our 5th year of my husbands iva and we will have to arrange to get our house valued in preparation of any equity release. Can I just walk into any estate agents and ask them to value it even though we have no intention of actually moving, or would we have to tell a little white lie and pretend…

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IVA & DRO

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