iva's after 5 years, is the debt written of? or they creditors could still ask for it

Galeeno

5 years after IVA, is the debt really written of? or they creditors could still ask for ££

After the 5 years a IVA has been done, is the debt really written off? or they could 'restart' the original cycle and could be required to repay that bigger monthly debt you were paying at the start?

-which is just a 'suspended' debt for 5 years, compared to writing it off, correct ?

(there is no property involved and no car, just renting)


How can this be confirmed (that it really will be written off after year 5)?
-as the IP can 'hide' information right?

Have there been cases that the creditors ask for the debt again, after the 5 years? and what is the case with the delayed certificates that people who have completed their 5 year IVA are getting?

Can you see the 'contract' of an IVA early, so that you know what it looks like, and what else is involved?

rabbit_burrow

Like with a BR, an IVA is not a 'suspended' debt, it is an arrangement to pay as much as you can to your creditors.

You would be sent all the information before signing. You receive a pack which includes the proposal which you have to sign to confirm that all is correct.

FiatFan_2

there are some threads with people asking about creditors sending statements once the iva is complete. all you have to do is send them a copy of your completion certificate to prove you have completed your arrangement and any left over debt has been written off.

Renting makes things a little easier, max term is 60 months unless there are payment holidays or money found to be hidden or undisclosed earnings etc.

you will receive a copy of your personal iva agreement and terms and conditions to read, question and sign once your clear you have made to right decision. All pages of the agreement will be signed to agree you understand and accept all conditions before the IP will call a creditors meeting.

What stage are you at, have you approached an IP yet?

Foxy-Stoat_3

Assuming you include ALL your liabilities and complete the IVA within the stated terms, your creditors cannot chase you for the debt. They would of sold your debt to a Debt Recovery company who may send you letters in the hope that you may make a payment.

Galeeno

Foxy-Stoat wrote: »

Assuming you include ALL your liabilities and complete the IVA within the stated terms, your creditors cannot chase you for the debt. They would of sold your debt to a Debt Recovery company who may send you letters in the hope that you may make a payment.

so your debt after 5 years, isn't legally paid off ?(if you do everything in the terms ?)

When it is sold to the debt recovery company, are you 'forced' to accept and new debt on your shoulders ?

and what if you say No to the debt recovery company?

and you mean payment, a 1 off payment? or ongoing ?

Foxy-Stoat_3

so your debt after 5 years, isn't legally paid off ?(if you do everything in the terms ?) - Your debt is legally paid off after 5 years if your within the terms of your IVA contract and you include all your debts.

When it is sold to the debt recovery company, are you 'forced' to accept and new debt on your shoulders ? The bank sells the bad debt to get it off their books, its nothing to do with you. They may well contact you directly, as mine did (Max Recovery LTD), to try and reclaim some of the money. But after sending the completion certificate they quickly stop.

and what if you say No to the debt recovery company? you say no, end of

and you mean payment, a 1 off payment? or ongoing ? I mean any payments....they just try and reclaim anything, doesn't go to the bank at all

fatboy88

FiatFan wrote: »

there are some threads with people asking about creditors sending statements once the iva is complete. all you have to do is send them a copy of your completion certificate to prove you have completed your arrangement and any left over debt has been written off.

Renting makes things a little easier, max term is 60 months unless there are payment holidays or money found to be hidden or undisclosed earnings etc.

you will receive a copy of your personal iva agreement and terms and conditions to read, question and sign once your clear you have made to right decision. All pages of the agreement will be signed to agree you understand and accept all conditions before the IP will call a creditors meeting.

What stage are you at, have you approached an IP yet?

I've been receiving statements for 2 years after F&F. I rang them and they said they can legal still send statements even though i dont need to pay.

Is that correct?

Going to do a credit report soon to see if they have left it on the file

Thanks

Foxy-Stoat_3

I'd image legally they can send all the invoices they like to you. Maybe writing a letter to them with a copy of your completion certificate recorded delivery and saying any further correspondence will be classed as harassment and you will take it further.....