How long do IVA's last

jodlebug

My husband entered into 4 -5 voluntary arrangements - through consumer credit councilling services, approx 7-8 years ago. He still pays them monthly and has done without fail since they were arranged. Some are for £5 up to £65. The companies he pays are HFC, Robinson Way, Wescott and Barclays.

They occassionally ring and ask him to increase which if he can he does, but recently hasnt been able to - i am about to give birth!

The question he has is are these debts still valid enforcable debts? They do not show on his credit score anymore. They occassionally ask him to send in details of his finances to justify not increasing payments. Is he obligated to do this or can he refuse and the payments remain the same.

Is there a timescale like with bankrupcy where they disappear? Could he legally stop paying them at any point or would they then start court proceedings? He doesnt pay an interest rate on any of them.

Many thanks and please let me know if we need to give more details to get help or where to go.

Nargleblast

An IVA is usually 5 years. Sounds like he has what is known as a debt management plan, which lasts as long as it takes to pay off the debt. Either way he will have the paperwork somewhere, as he will have signed an agreement of some sort. Suggest he digs it all out and has a look. Then, bearing in mind your changed circumstances, I would suggest the two of you sit down and look at the household budget again, then contact CCCS to negotiate a new agreement. Then you will at least have a new budget to go on.

jodlebug

We have looked for the paperwork. Cant find it anywhere. He was splitting with his ex wife at the time and so it may have got lost there. Do you think we would be wise asking for copies of the paperwork from these companies or are we likely to be asking for more problems?

Charco_2

It actually sounds like your husband simply came to serparate agreements with each of his creditors... it's certainly not an IVA and I'm sure it's not an actual DMP either.

If he is paying each creditor something in the region of £5 to £65 then i would suggest he thinks about stoping now and looks for a proper solution. Work out how much your husband is actually paying out in total (£5 here, £30 there, £65 to the other) then approach a Debt Management Company (CCCS is the popular recommendation on here but there are others) to set up a plan.

Post the details on here, how much is he paying out? what are the totals of the debts?