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Buying out of an iva
hi all, ok so our mortgage needs sorting, a good friend is a mortgage adviser so he’s doing it. We got an iva 3 months after our last mortgage review so he has no idea about it. We have told him and said we were embarrassed about it. He’s told us it’s not good and he will try his best to get us back on track and out of the…
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IVA completed but still being persued?
Hi. I was recently discharged from my IVA earlier this year and have recievd my completion certificate. However, I am still being persued for a debt orgiginally with Uncle Buck (pay day loan) which was transferred to a collection company called Conexus. The account was still with Uncle Buck when I entererd my IVA and I've…
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Iva - final year equity release
Its not myself that has an iva so I don't know all the details but my partner does. Hes in year 5 and they've issued the equity release clause he started the iva with £30k of debt, they can't remortgage his house as he is in a very good fixed rate The house is worth about £350k with a mortgage of about £180k on it. Hes…
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Any help for IVA during cost of living crisis
I have 2 years left of a 5 year IVA. Has anyone received any help or support from their IVA companies. I am with Jarvis (Debt Management). I am Paying £672 a month and cost of living is crippling me.
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IVA changes to guidelines
There was an excellent article in the Guardian on Saturday regarding new guidance issued by The Insolvency Service to insolvency firms who are now obliged to take soaring living costs into account if you are struggling with IVA payments. Because many IVA agreements were drafted before the individual had knowledge of the…
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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…
