IVA Final settlement questions

spittingpink · 10 June 2013 at 1:41PM

decided to go in at £9k, I need my credit status back sooner than later, just want all this over and behind me.

I cant believe it takes 2-3 months just to get out of it all!

techno1029 · 12 June 2013 at 1:23PM

spittingpink wrote: »

decided to go in at £9k, I need my credit status back sooner than later, just want all this over and behind me.

I cant believe it takes 2-3 months just to get out of it all!

Thats just to get a decision about your offer...it took me 9 month to get my comp cert and am still having issues regards PPI claims 12 months after my IVA offer was accepted!!!! its a long road.

milliemonster · 13 June 2013 at 9:06AM

Just as an aside, it will make absolutely no difference to your credit status whether you finish your iva with a f and f or whether you continue to the end of the 5 years. The iva still stays on your file for the full 6 years from when it was approved

UpToMyNeckInIt · 13 June 2013 at 9:10AM

True, but you do at least get removed from the Insolvency Register.

unwitting · 13 June 2013 at 9:46PM

Hello I am new to this forum. Myself and my husband entered an IVA at the start of this year after struggling with unsecured debts for over 10 years. The situation had got so bad we were using credit cards to feed our family and two small children. My husband had a huge wage cut £3,500 per year a couple of months ago which has left us in a position where we cannot afford the £200 IVA payment. We have continued to pay borrowing enough to last us the month from our elderly parents but this month have no money left with two weeks until pay day. We just cannot go on like this anymore. I was wondering if we might be better off filing for bankruptcy we have around £10k equity in our property but we are frightened that this will be taken if property is forced sale and then we will have no-where to live. Please can someone provide any advice on this situation? I have contacted the IVA company and they are going to talk to me about a possible reduction but the thing is that after paying essentials like mortgage gas electricity council tax and food we have no disposable income left. What will happen

mrslegs · 3 June 2014 at 1:47PM

Hi all i have just made a phone call to my IP and discovered that using a small pension i am recieving following ill health retirement aged 42 is sufficent to clear the amount the iva would realise. The colleague at IP said thats its a really good offer and it should be accepted. what do you think the chances are ?