Iva

fergus.dunne

Hi All,

Have probably posted similar to this before but just making sure i have all the Answers

I am in an IVA and have been since November Last Year

I am now looking to get out of it, as although it seemed a good solution when got into it, in fact it is maybe a worse situation.

I understand that as my wages go up and any bonuses I get will affect my IVA in that payments will go up, but also the debt i am paying back will go up, so paying more back.

Problem is, at the moment I am in a good job and am already earning a bit more than when 1st got into IVA and likely over the next year or so, will be earning more, so my IVA payments will go up and up.

This will mean i could likely be paying back all of my debt by the end of it, plus the IVA fees, which means i will end up paying back more than original Debt.

If i am wrong on this please let me know.

So because the IVA is a contract i cannot get out of it I dont think, so was thinking, if i default on IVA, then they will put forward a Bankruptcy claim i think, now i want to know, can i then contact my Creditors direct and discuss repayments as not i IVA anymore, and will they be okay or will they just want Bankruptcy claim to go ahead. i mean i have nothing in my name, as all in GF name, so i have no Valuables they can claim, so to me, I dont think it would be worth it for them

Sorry its all a muddle, any ideas!!!

10past6

When you entered into the IVA, did you have any assets i.e house / savings etc, and who is your IVA with?

fergus.dunne

Hi,

The only thing I had as an Asset was my old Car which I sold for 1500, have a new car now but in GF Name, so I have no asset, no Mortgage,savings or car in my name

The IVA is with Money,debt and Credit

i presume they will maybe want some if not all of cash from car sale and even some of their fees, but I am happy to sort that out, aslong as can get out of this IVA. i mean i will then be paying back full debt, but can manage much more myself or in an DMP

10past6

fergus.dunne wrote: »

Hi,

The only thing I had as an Asset was my old Car which I sold for 1500, have a new car now but in GF Name, so I have no asset, no Mortgage,savings or car in my name

The IVA is with Money,debt and Credit

i presume they will maybe want some if not all of cash from car sale and even some of their fees, but I am happy to sort that out, aslong as can get out of this IVA. i mean i will then be paying back full debt, but can manage much more myself or in an DMP

This is important, if at the time of signing your IVA agreement, you had NO assets, you could well have been mis sold an IVA.

Take advice from any of the debt charities, the link to them is in my signature.

fergus.dunne

Well, i only had my car when signed up for IVA, but have sold that now, so that was the only Asset i declared to them

Didnt know you needed Assets to be in an IVA, I mean they set ip up quite quickly and easily, but kind of realised why when i checked the fees, and they are getting almost 4K, but was desperate at the time

Ames

It's not so much as you need assets for an IVA, more that it's used to protect them - it's a step away from bankruptcy and so it's used instead of that so that people's houses are saved.

Deep_In_Debt

There are so many stories of mis-sold IVA's. They are only suitable if you have assets to protect such as house. I don't know what the rules are on these things but it may be easier for you to get out of it if you can say that it was mis-sold.

As 10past6 says, call one of the charities and see what your options are.

fergus.dunne

I get what u mean

Seen as I have been in it for almost a year, didnt think i could try and get out of it by saying i was Misold.

Another point is aswell, if my wages keep going up, i could end up paying back the full debt plus fees, so im ny opinion, the IVA is not doing what it was originally supposed to. Or is there a cap of amount i pay back seen as i ma in an IVA, as in if i got say Inheritance of 100K tommorow and could pay debts fully off easily, would the IVA demand i do it

fergus.dunne

Cheers

I might try the misold route then, as I cleary said I only had a Car woth 3K and that was it, nothing else and they still signed me up.

I did speak to a couple of charities about a month ago about exiting an IVA, but they said they were unsure and would need to speak to IVA people or read T&c. I read the T&C's but totally baffled me and did not really understand, but charities said they couldn't check T&C's and i understand that as they are not manned enought to do this much work on my behalf

10past6

fergus.dunne wrote: »

Didnt know you needed Assets to be in an IVA

Take look here at what "Martin" says about IVAs.

10past6

fergus.dunne wrote: »

but charities said they couldn't check T&C's and i understand that as they are not manned enought to do this much work on my behalf

Each charity has there own "Dedicated" dept dealing with IVAs, when you contact the charities, ask for the IVA dept.