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New legislation - should I bother?
Hi all Me and my husband have a joint IVA - we had a lot of debt due to emergency medical treatment I’ve just read about new iva guidance since the cost of living is going up. At the moment we pay £100 a month and have never faulted. We understand we are in the poo basically. Our circumstances are the same apart from our…
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IVA full and final settlement offer queries
Hi all, Currently in an IVA, have offered a f and f settlement offer which will be soon offered to the creditors. I was wondering if anyone could answer some questions I have if this was to be accepted please? Thank you all, Kate
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Cancelling IVA and moving to DRO
Hi Everyone, So, I'm currently 12 months into an IVA. I'm renting with no assets and the debt was just under £30k. I now meet the criteria for a DRO as my expenses have risen. Shall I take the plunge, fail my IVA and go for the DRO? Has anyone done this? Many thanks, Alex.
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Sprout loan & IVA completed
Will try and keep this short. I took a sprout loan out back in Oct 2021 to pay off my IVA. I am still getting letters/account updates from my original creditors but my understanding was the sprout loan would be used to pay off my IVA/all the accounts and then I am liable to sprout loans (unsecured loan) for the next 2…
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Is an IVA considered a Bankruptcy?
I have just over 1 year left of the IVA marker on my credit report (discharged in Oct last year) and I am confused that on some lenders websites it says under their eligibility terms; - must not have been bankrupt in the last 6 years No mention of IVA for some. Because of this, even the own lenders eligibility check is…
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Applying for debt help with PayPlan, DRO rules clarification
My partner and I both have our own debts and live together, we are currently individually working with PayPlan to find debt solutions as we have a complicated relationship and don't want to tie our finances together any more than we already have The person dealing with my partner's case has been replying a lot more…
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Best iva company
Hello. I am considering entering into an iva.i do not have a massive amount of debt but its playing on my mind and I'm worried about paying it all back at their demands. Would an IVA be my best option? Thank you
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renting after dro
Hi I had a dro a few years back and still have about 2.5 years till it drops of my credit report. Am i going to run into issues when trying to rent? Im currently still renting the house i had when i got the dro but now may need to move, i have never missed one payment on my rent and have since took another credit card out…
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Mental health and IVA
Hi everyone, After realising I was unable to meet payments to pay off all my creditors I have taken action and entered an IVA because I know deep down it was the right thing to do and if I buried my head in the sand it would only get worse. I am trying to take full responsibility for the situation I am in, and pay monthly…
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Help regards equity raise part of an IVA
I'm trying to help a family member who's in the fifth year of an IVA. They've made all required monthly payments since the start and are now being shunted into various mortgage/loan applications to raise a final amount for the creditors. I have only just found out about their IVA and had never heard of one before. From the…
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DRO: numerical credit score increase, decrease or stay the same?
Good evening I would like to ask, particularly those who have been through a Debt Relief Order, what is the likely impact on the numerical credit score? Of course, I know that having a DRO on a credit file is always viewed negatively by prospective creditors. However, I was wondering if the numerical score might increase?…
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Best way to reduce credit card debt
I have about 24k spread over three credit cards and because of bad credit am a bit stuck and not getting anywhere in terms of clearing the debt. I'm just paying interest off each month. My problem I know. Do I just keep going or shall I get an IVA involved? If so which is the best one to use as I see so many ads on…
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IVA review
2 year review for IVA just completed, as agreed with our practitioner no extra funds were paid during the past year but they would request any extra in full at point of review. We had approximately 3k set aside from overtime and bonuses etc however review has been done and all they done was increased our monthly payment…
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IVA and job offer
Hello all, just looking for some advice , due to personal circumstances from nearly 10 years ago I ended up having quite a bit of personal debt and once I had found a stable job following some advice I entered into an IVA. The IVA finished taking payments this year and I believe will stop being ‘active’ in August, though…
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Slight clamp-down on misleading IVA advertising
The Advertising Standards Agency (ASA) has published a new enforcement notice regarding IVA adverts from insolvency practitioners and lead generation companies. https://www.asa.org.uk/news/enforcement-update-debt-management-ads.html The ASA will begin targeted monitoring and enforcement of adverts from 25 July, reporting…
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Does a DRO affect you for life?
I had one and am worried about the impact on job prospects. Are you permanently excluded from certain sectors like financial etc? I may have lost a job due to an old DRO almost a decade ago. I was young and going through a tough time. I’ve tried so hard to build my credit back up but it seems like it will never be good…
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Earnings arrestment in Scotland
Hello all, can I kindly have some advice in relation to earnings arrestment? I currently have an earnings arrestment on my wages. I fell into steep debt after experiencing depression which has kept me off my work. I receive half pay from my employer however a creditor applied for and were granted an earnings arrestment. I…
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Is it our responsibility to inform creditors of a DRO?
Hi, Writing on behalf of my partner who has been approved DRO from April this year. She is still receiving letters stating missed payments, possibly going to debt collectors if no response etc, which i know is the usual. Just wondering do we need to contact these creditors ourselves to infrom of the DRO to stop the…
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Are these organisations legitimate
Hello, I was wondering if anyone has had any dealings with the following organisations/companies regarding IVA? 1. Consumers Choice financial consultants. 2. ST&R Ltd Insurance Brokers 3. Astute Finance 4. Freeman Jones I was wondering if these companies are legitimate or if they are setting me up for a scam. If anyone has…
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Minus Figure on DRO income/expenditure
Hi all, I have two questions here, I've just completed an online income and expenditure form with Business Debt Line. After all of my expenditure I'm actually left with a minus figure. Will this mean I don't qualify for a DRO? Also, I am a self employed sole trader but all of my debts are personal and not business related.…
