MSE News: Debt write-off loophole closed by court

NaturalJustice

That a well known company that sometimes advertises IVA's on the TV has a hidden loophole that only comes to light when you're well down the administration route. The receiver telephones to tell you that you have to remortgage your house in year 4 of the IVA agreement and share the equity with the creditors and no doubt a hefty fee with the receiver. So there you are, in your late fifties, nearing retirement, you thought it was as easy as pay one easy payment for 60 months and then your debt free ~ THINK AGAIN!!! You might just as well go bankrupt!!!

mcjordi

the only time ive used the "argreement is wrong" is when the DCA's start harrassing me every other hour ( hence changing my phone number) im plodding along slowly but surely to pay it all off. ( im only 26 atm so not too old to start again )

mcjordi

never-in-doubt wrote: »

Don't forget there are a lot of CAGgers on here We're easy to spot cos we are usually pro-consumer and anti-bank! To be fair, i'd agree with Brock and you on this one - CAGgers are a little 'passionate' whereas the folks on here tend to be a little more 'patronising' but then the differences are quite clear in that MSE is in fact a money saving board not like CAG which is, exclusively, consumer action.

The differences in the name say it all. Although I personally prefer MSE, I certainly won't slag CAG off cos it has its own purpose and I do use it as well - especially if I need free legal advice

im mainly on MSE but i have used CAG for the free legal help and was extrmely grateful to them for the help both sites have their uses.
My debts are very low compares to that couple who tried to get 40k written off.
ive started to save for things i want now instead of getting credit (well trying to, as my file is trashed anyway now ) but hey ho we will all get there eventually

~Brock~

Apples2 wrote: »

I think it would be best to revisit this thread in a couple of years time.

Banks will have to adopt a policy of responsible lending.

Those people you refer to at the bottom of the food chain, are simply NEVER going to be offered a loan by ANY responsible lender. They are already on the breadline so will never satisfy any lending criteria.

Lets see if the people at the bottom of the food chain manage their money better, knowing they cannot borrow to repair their broken down car, fix the flooded kitchen, pay for the wedding etc etc..

Or will the doorstep/payday/logbook loan companies flourish with massive apr's and burley thugs knocking on the door at all hours for their pound of flesh????

I know this is an old thread recently dragged up but...wow...what a prophetic post there by Apples2 at the time (November 2009) !!

Any chance of some lottery numebrs for this Saturday mate?