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cliffy1

i am in an iva . £12000 debt I feel like I have been missold this as they said they are paying back 83% of my debt and admin fees are approx. 6k .I am paying £210 a month .I have payed so far three years which is near enough the admin fees.i have been told that I should stop paying as we are struggling and we should get ito a debt management plan .awaiting in earnest . clive

aol313

in 2004 i borrowed 8k from the halifax, i was paying it back for around 18months and then i lost my job, i paid bits and bats where i could but that soon fizzled out as i couldnt afford the repayments ,my marriage broke down in 2008 but i didnt inform the bank of my new address but my ex wife still collects my post at our marital address, i kept geting the odd letter from various debt collecting agencys but i have been ignoring them for the last few yrs, around 18months ago i rang the bank with an offer to pay them a settlement fee and was told i would be rung back with a decision, they never rang me back,
i have no assets, a car worth £500 and i still own half our marital house which does have quite a bit off equity (100k),
today ,my ex wife rang me to say a debt collector has been knocking , this is the 1st time they have been to the house, they have left a letter which says i have been served with a statuary demand,

i still cant afford to pay the debt which is just short of 7k, and really cant afford to repay anything like what they will accept,

any advice will be greatly accepted, also i think my debt maybe statue barred but i dont know for sure, i definately havent acknowledged the debt in writing in the last 6 years and dont think ive paid it in the last 6 yrs, ive just had one telephone call where i made the settlement figure offer but as i said i didnt hear back from them,

thanks in advance

System

cliffy1 wrote: »

i am in an iva . £12000 debt I feel like I have been missold this as they said they are paying back 83% of my debt and admin fees are approx. 6k .I am paying £210 a month .I have payed so far three years which is near enough the admin fees.i have been told that I should stop paying as we are struggling and we should get ito a debt management plan .awaiting in earnest . clive

Hi Clive and welcome to the forum.

An IVA is a legally binding form of insolvency. You’d need to speak to the Supervisor of your IVA who is also a licensed insolvency practitioner for further advice.

If you don’t feel you’re getting good advice from the IP you can make a complaint about them here http://www.bis.gov.uk/insolvency/insolvency-profession/professional%20conduct/how-complain-against-an-ip

We can give you general advice, in regards the IVA. If you’re struggling it may be possible to vary the terms of your IVA and reduce payments but you must speak to the supervisor of your IVA about this.

You can read more about the differences between an IVA and a DMP here http://moneyaware.co.uk/2011/07/12-differences-between-an-iva-and-a-dmp/

I hope this helps.

Kind regards,

Mat

System

aol313 wrote: »

in 2004 i borrowed 8k from the halifax, i was paying it back for around 18months and then i lost my job, i paid bits and bats where i could but that soon fizzled out as i couldnt afford the repayments ,my marriage broke down in 2008 but i didnt inform the bank of my new address but my ex wife still collects my post at our marital address, i kept geting the odd letter from various debt collecting agencys but i have been ignoring them for the last few yrs, around 18months ago i rang the bank with an offer to pay them a settlement fee and was told i would be rung back with a decision, they never rang me back,
i have no assets, a car worth £500 and i still own half our marital house which does have quite a bit off equity (100k),
today ,my ex wife rang me to say a debt collector has been knocking , this is the 1st time they have been to the house, they have left a letter which says i have been served with a statuary demand,

i still cant afford to pay the debt which is just short of 7k, and really cant afford to repay anything like what they will accept,

any advice will be greatly accepted, also i think my debt maybe statue barred but i dont know for sure, i definately havent acknowledged the debt in writing in the last 6 years and dont think ive paid it in the last 6 yrs, ive just had one telephone call where i made the settlement figure offer but as i said i didnt hear back from them,

thanks in advance

Hi and welcome to the forum.

It sounds like you would benefit from some free and impartial advice.

I’d recommend that you gather details of your income, expenditure and assets and give us a call. We can look into your situation and give you the best advice.

You may have some grounds for the debt to be statute barred and we can look into this for you, if it is barred the statutory demand could be set aside.

However, with the equity available in your property I’d recommend that you contact us (0800 138 1111) or your local CAB as soon as you can.

You can read more about statutory demands here – http://www.stepchange.org/Debtinformationandadvice/Whatyourcreditorscando/Courtaction/Bankruptcyfromcreditors.aspx

You can read more about statute barred here – http://moneyaware.co.uk/2012/02/can-you-run-away-from-your-debts/

Statutory demands are sometimes used as a collection tactic by creditors, however in your circumstances I’d recommend seeking advice asap.

I hope this helps.

Kind regards,

Mat

aol313

ive just re read the demand and its saying the default date is the 6th of december 2007, which it about 6 weeks from been barred

Rosepetal1701

I have started the long but determined journey to being debt free. All my credit cards are on DD and have been for some time. However, I had a charge on my Barclaycard when I went over limit. The over limit was my fault. I wrongly assumed that the minimum payment by DD would be enough to take me back under my limit which it did but then they added interest and I went back over limit thus incurring another £12 charge and the cycle continued for a couple of months before I caught on to what was happening. I have written to Barclaycard but they said this was in the T&C I signed so they wouldn't refund. Seems wrong to me so I thought I would ask your advice.
Thankyou

Former_StepChange_Rachel

aol313 wrote: »

ive just re read the demand and its saying the default date is the 6th of december 2007, which it about 6 weeks from been barred

Hi there

I think the best thing to do is give us a quick ring and we'll be able to advise you on what to do next.

Best regards

Rachel

crystal_pixie_2

Hi,

I have been in a DMP since 2011 and it is doing pretty well.

I will have a bonus at the end of the month that could pay off one of my creditors.

Can I do this and still keep in my DMP? Its the only creditor that is low enough for me to pay the full amount.

mum2one

crystal_pixie wrote: »

Hi,

I have been in a DMP since 2011 and it is doing pretty well.

I will have a bonus at the end of the month that could pay off one of my creditors.

Can I do this and still keep in my DMP? Its the only creditor that is low enough for me to pay the full amount.

Glad its going ok, I'm a year into mine, at a guess I would say no you wouldn't be able to do it, as on a DMP all creditors are treated on an equal basis, ie they all take a reduced payment, if you favoured one, and cleared that, then this would be a bias mode, I would say contact who your with and ask about making an gratis payment and then they would make sure everyone had a bite of the apple.

xxxx

System

Rosepetal1701 wrote: »

I have started the long but determined journey to being debt free. All my credit cards are on DD and have been for some time. However, I had a charge on my Barclaycard when I went over limit. The over limit was my fault. I wrongly assumed that the minimum payment by DD would be enough to take me back under my limit which it did but then they added interest and I went back over limit thus incurring another £12 charge and the cycle continued for a couple of months before I caught on to what was happening. I have written to Barclaycard but they said this was in the T&C I signed so they wouldn't refund. Seems wrong to me so I thought I would ask your advice.
Thankyou

Hi and thanks for your post.

I’m afraid if this is in the terms and conditions of the account there is little you can do about this other than complain.

Just paying the minimum payments on credit cards might mean that it takes longer than you expect to get debt free. It’s worth looking at this article http://www.moneysavingexpert.com/credit-cards/minimum-repayments-credit-card

If you need more advice please get back to us.

I hope this helps.

Kind regards,

Mat