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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.…
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DRO application and credit cards
Hi all, I am about to collate and send off all the information needed to apply for a DRO. Ive completed my budget, been advised on a DRO as the best outcome etc. I have recently transferred a balance from one credit card to another as I was offered a 0% interest period. Will this be seen as preferential treatment and in…
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IVA Application
Hello, Please bear with me, this is my first post. I currently owe just over £24,000 in debt. I am paying these on time every month for the last 2 years', however more recently it's becoming overwhelming as I am paying out £1100 a month of my monthly earnings with no leeway to do much more after that including savings.…
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Considering IVA
I have a debt of £25 and for the past year I have earned £2k or less monthly. I don’t have a home and going back to school full Time in September. I don’t owe a home and am considering an Iva at the moment . Can I be advised please ? My debt is mostly from credit and store cards as I lost my job a few months in 2018. Also…
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Hanover insolvency group
Has anyone used this group for Iva and are they helpful ?
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DRO and mobile phone contract upgrade
Hi all, I am going through the DRO process at the moment - just wondered if anyone had any advice or can shed any light for me on this; I am due to upgrade my current phone contract in September. My phone contract is not in arrears or default and is included in my income and expenditure for the DRO purposes. Anyone know if…
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Share to buy with dro
I am begging n pleading someone can help. To cut a long story short left my abusive ex husband with just the kids. Struggled to rebuild us during pandemic so went to step change for dro. I have in this time what I thought had put sticker n chosen my plot from share to buy places for people. Let me Choi’s carpets etc then…
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DRO/Default?
Hey guys. I'm almost 2 month into my DRO and I was wondering if anyone could shed some light on this. So my only two debtors were TSB and Lloyds. About a week after my DRO was accepted,TSB wrote to me to say they had been informed and that at the end of the DRO they would write off the remaining debt. My Clearscore now…
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Is a IVA the right choice?
Hi guys, I'm really confused about my options and I wonder if someone could help me. I have unfortunately racked up debt of around 15k, 13 of which is on credit cards. I am struggling with this debt if I'm honest but that's because I've been stupid and not taken it seriously, which is finally about to change. I am lucky…
