We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
IVA's are finished, anyone for bankruptcy?
Usury_up_and_wear_it_out
Posts: 45 Forumite
in IVA & DRO
I am not a fan of IVA's, they are probably one of the biggest mis-selling scandals in this country, 6k fees, a real con, and the majority fail, leading to bankruptcy.
Since equity has washed away from nearly everyone holding a mortgage wouldn't that make bankruptcy more viable since the Official Reciever will not have any asset based equity to pursue?
As I understand it, the beneficial interest can be transfered to spouse for a £1 ?
Everyone has been scared away from bankruptcy because of the hard marketing by IVA companies and their scaremongering tactics, you WILL lose your home etc etc
Lets assume you are 3 years into an IVA and you lose your job, you credit will be bad for:
5 years in the IVA plus 6 years when you finish total 11 years of your short life.
In bankruptcy you can be disharged after 12 months plus six years on the credit score = 7 years a saving of......
FIVE WHOLE YEARS !! Martin would be proud of a saving like that, priceless (sorry Barclaycard)
get on with your life
Since equity has washed away from nearly everyone holding a mortgage wouldn't that make bankruptcy more viable since the Official Reciever will not have any asset based equity to pursue?
As I understand it, the beneficial interest can be transfered to spouse for a £1 ?
Everyone has been scared away from bankruptcy because of the hard marketing by IVA companies and their scaremongering tactics, you WILL lose your home etc etc
Lets assume you are 3 years into an IVA and you lose your job, you credit will be bad for:
5 years in the IVA plus 6 years when you finish total 11 years of your short life.
In bankruptcy you can be disharged after 12 months plus six years on the credit score = 7 years a saving of......
FIVE WHOLE YEARS !! Martin would be proud of a saving like that, priceless (sorry Barclaycard)
get on with your life
0
Comments
-
Just letting off steam0
-
Im not an expert on IVAs - but as far as I was aware, they only reflect for around 6 years? - as the debt defaults pretty soon after the IVA has started and the 6 years is from that date, not the end of the IVA.
Correct me if i am wrong.No Longer works for MBNA as of August 2010 - redundancy money will be nice though.
Proud to be a Friend of Niddy.
no idea what my nerdnumber is - i am now officially nerd 229, no idea on my debt free date0 -
Can anyone help with the end of the iva and the impact on credit rating?0
-
Usury_up_and_wear_it_out wrote: »Can anyone help with the end of the iva and the impact on credit rating?
I think should help clear it up:
http://forums.moneysavingexpert.com/showthread.html?t=12860630 -
I am convinced IVA's will be the next miss selling scandal, another great con.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards