IVA Watchdog IVA to bankruptcy

kgkev

I have just had a long conversation with IVA watchdog and they suggest I have been mis sold my IVA as I have No Asset, My job is not affected by bankruptcy and I have low disposable income.

I know they are just trying to get some money but would a bankruptcy be better for me?

I had £42000 debt. My i&E worked out we had £400 disposable income and we meet this payment reasonable comfortably now.

I have 2.5 years left on my IVA.

My IVA would cost me £12000 more to complete and they said they would complete a bankruptcy for around £6600 and within 1 year.

He also mentioned a group action as my IP did not really mention an Bankruptcy at the time and even said it was a bad option for future finance (mortgage). So some / all my payment could come back to me (about £12000) this doesn't sound quite right?

I'm happy with my IVA and am meeting the payments but would prefer to end sooner with no negative effect. Which is basically what they said I could do.

is it true a bankruptcy goes from my credit file after 6 years?

advise welcomed.

peachyprice

Yes, it's true that BR would disppear from your credit file after 6 years, the same as an IVA.

I'm a bit concerned about this £6600 they say they can complete bankruptcy for, filing for bankruptcy costs £510.

As for claiming back money for being mis-sold your IVA, this hasn't been proved as do-able as yet, so I wouldn't hold out much hope of getting your money back.

If you're half way through your IVA and are comfortable with the payments it would be unwise to go for BR now, if you were to go BR you would still most likely have quite a large surplus which would be paid to the OR for 36 months. So although the BR would be over before your IVA you would still be making payments longer.

kgkev

does the IVA appear for 6 years on the credit file from the start or from the end?

ie 5years IVA + 6 Years on record = 11 years

Or do they run concurrent so after completion I only have IVA recorded for another 1 year?

SouthCoast

IVA Watchdog

May I ask who this is as I was not aware that an independant regulated authority existed.

thecableguy12

kgkev wrote: »

does the IVA appear for 6 years on the credit file from the start or from the end?

ie 5years IVA + 6 Years on record = 11 years

Or do they run concurrent so after completion I only have IVA recorded for another 1 year?

no it will stay on the file for six years during the iva then will come of after the iva is complted although in most cases not straight away, iva watchdog are just a stupid money making scamming company stay clear 6k to go bankrupt is pure profit for them and all they do is fill out some forms that you can do your self in the county court for 600 quid

Not_so_wise_one

Do not waste your time! If you are happy with it then keep paying your IVA, if not go bankrupt yourself.
Have a look here or here or here for starters.

EDIT: Mods if the other forum is not allowed I apologise and please feel free to remove the links.

fuzzybear01

IVA watchdog is the trading style of intl marketing ltd. Registered in England and Wales Reg. No. 06632921. Reg office: Regency House, York Business Park, York YO26 6RW.

That's what they state on their letters, I personally think Watchdog should be a protected term, as for many people this would look like an independent watchdog.