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Ending my IVA
I'm 54 mounts into a 72 month IVA. I'm not sure if my options I could see the IVA out but I'm worried about the equity release and having an extra 12 months. The IP tell me the it cannot be extended by 12 months in one breathe and then that it can in the other. I'm tempted to borrow the money and settle the IVA early. Will…
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Help and advice please :(
Hello I lost my job some time ago and now I can't afford to pay my debts. When I was working I was able to pay my monthly fees, etc, because it was a fairly well-paid job. I took a small payment holiday with some creditors, however, I still have loads of debt. I am currently making a minimum payment to each creditor (what…
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IVA advice
Hi, I entered in to an IVA with credit fix a few years ago, I have 16 months remaining. Looking back on it now, I don't feel that I really understood what I was getting myself in to, I was young and financially immature back then. I'm now in a much better paying job and easily keeping up with the monthly contributions of…
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IVA extension help please
Hi We are at the end of year 4 and due to mortgage increases, gas and electric etc etc I've asked if we can reduce our payments from £200 to £150 I submitted all our income and expenditure details and just spoke to someone who said this change would mean a meeting with the creditors and a 12 month extension, is this right?…
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Waiting for barcode
Thank you to everyone here, you've been such a great help and consolation while navigating something I never thought I would have to. I've applied for a DRO through StepChange. I had an email asking me to call them about a query over income. I had to phone the DRO team whose lines are open 9-5, mon-fri, which is a bit…
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SOA for DRO
Hi, I am just after some pointers on my SOA to check if anything stands out as glaringly incorrect! I live with my partner, her 2 children plus my 2 children live with us 50% of the time so the figures i have posted are hard to set in stone. My partner is on UC and contributes £500 to cover bills (rent, CT, food etc) which…
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Chances of having a DRO revoked due to new job?
Good morning, I’m in the process of applying for a DRO after I lost my job in August and have been on JSA since then and been unable to pay my debts (23k). I’ve only ever worked in very low paid jobs, and the vast majority of the household income comes from benefits (tax credits and dla for my son). I’m really worried that…
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IVA Income and Expenses form
Hello i amcurrently in a iva. I sent a digital signature of an updated imcome and expenses form on email to update my bills etc, and they haven’t updated it to the one I sent in September. Do I need to be worried?, as this seeems to be happening every year?.
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DRO moratarium - getting a job
Hi, Has anyone got a job and been able to continue with DRO? Is there a threshold of earnings? Thank you.
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Am I allowed to include pension deductable?
Hi all, I was approved a DRO without a pension on my payslip so my net pay was £1460. I have since got a new job and been enrolled into a pension and my pension deductible means my new higher salary still brings home a lower net pay than my precious job. Do I have to declare this change if I'm not actually being paid…
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DRO Set Aside
Good evening My memoratum period for my DRO ended on the 10th November. I have seen its status on Clearscore as 'set aside' - what does this mean please? Also is there anything I need to do (provided everything is okay with the DRO) in regards to the debts being written off / removed please? Am just wondering what (if…
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End Of IVA and pension
Hi, I am at the end of my IVA two more payments and I shall be free, its been a long hard road but have got there in the end. For those of you that are still part way through stick it out as there will be light at the end of the tunnel even though at times you cannot see it, so I have a question for any knowledgeable…
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Bailiffs have taken my items for my brothers debt
Hi all Can anyone please advice me. I live alone. No partner. Just me and my dog. My brother is sadly an addict and homeless. He stayed with me for a few nights over a year ago and used my address as a ‘care of address’. He is living rough and does NOT live with me. This morning the bailiffs came to my flat and took my…
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IVA/inheritance
Hi, some advice please. 1 son has an IVA just, £250k. My sister and I have estates c £1M TO LEAVE EQUALLY TO MY 3 SONS. I keep hearing the fact that "81%" can be "written off" with an IVA (correct??). When we inherited from our parents, I know that a bancruptcy search was done on us. (I assume that had we been, then the…
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Wife's IVA cleared but CCJ still showing as active
Hi all, In April 2017 my wife had a CCJ issued against her but it was sent to an old address and by the time we found out about it it was too late to appeal. My wife then entered into and IVA to clear all of her debts and her CCJ. The IVA was paid off in June 2017. All debts settled. Now in November 2022 the IVA is showing…
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DRO - Overdraft/Savings?
Hi All, I'm on the verge of applying for a DRO, just need to complete the paperwork over the weekend, The vast majority of my debt is on credit cards, but the one thing I can't get my head around is that I have a £2000 overdraft with Santander, and for months now I've been getting closer and closer to the bottom of that…
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DIY breathing space?
Can I basically do a DIY breathing space for about 30 days by writing to my creditors (not utilities or rent) and telling them I'm in financial trouble, I'm talking to StepChange, and will be paying £1 a month in the meantime? I basically just want to buy a little time while waiting for the DRO (have applied but waiting to…
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Buying car
A colleague I am close with is going through a hard time with debt and he said he's going to apply for a DRO in January. The DRO says he can't have a car over £2,000. He has a relatively new car and mine has had it so, he offered to sell it to me. I think he needs the cash before the DRO. I'm worried that if I buy the car…
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IVA question
Hi, I am about to enter into an IVA through SC and my creditors meeting is very soon. I have a question which I am struggling to find the answer too. In my job I can earn commission and also overtime (it's not guaranteed).and I know that anything over the 10% threshold, half needs to go to my IP but my question is, with…
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IVA completed. How to I rebuild my credit file?
Hi all, So after 5 years my IVA has been completed and I have been issued with a certificate. It has also updated on my credit file. Where do I go from here? Will it be another year before the old debts and the IVA come off my credit? Can I ever get back to normal? Thanks in advance.
