IVA support and discussion thread

Leezy2

Not sure if anyone here can, or would want to help with this one but here goes:

I am on the other side of the story with an IVA. We sold our house and had some money we did not need for anything immediately. Rather than put this into the bank, we loaned it to a couple of our then friends to use as a deposit for a business venture. All above board, contract and everything. They would have paid us back in four years, or if they stopped the bussiness they would pay us back in full as they would get the deposit returned.

You know what's coming, they pulled out of the bussiness, got back the deposit and instead of giving us our money back they paid off other debs they had built up in the bussiness. They subsequently took out an IVA for their remaining debts but did not disclose what they owed us. At the time they said this was because we would not get back all our money if we had been included and they currently pay us a very small amount each month. It will take 12 years to pay us what we are owed. I have no idea what their agreement is with their other creditors and all things being equal we would have been paid back by now anyway. Our bussiness is now closing, and the money they owe could have given us another six months or more to try and survive.

I'm told that the IVA means I can take no action at all to get our money back, and whilst we struggle to figure out how to pay our staff the redundancy pay they are entitled to, our old friends are advertising on social media their two or three holidays a year, spa breaks and new furniture purchases. I realise these agreements are a lifeline to many and help people avoid ill health and all sorts of other problems, but sometimes the balance tips a little too much the other way. I may well end up having to take out one myself!

unclegee

Hi. I'm currently in an IVA paying 226 pcm and have done for the last 14 months. I have just finished my annual review and now it seems that my overtime at work has caused the payments to be increased by some considerable amount.

So my question is..

After only 14 months is it wise if I was to ask my IP if the creditors would accept a final offer from a third party?.

If so what would be the rule of thumb to offer them regarding my monthly payments will be increased next month?.

Would I still say 226 * 36months. (Time remaining)?.

Thank you all.

MrsB2100

Hi All. I have a very quick question. When someone says to contact your IP, should that be the actual practitioner, or the customer service desk? Basically, we need permission to use the redundancy payment my husband received to replace our now condemned boiler, but I don't know who I should be talking to!

Sounds really stupid written down! I feel I should know this, but I honestly don't!

redbarony

looks like ive got to do an IVA...all very scary, i have £0k on credit cards and court costs of £18k from a very messy divorce, i thought my only option was bankruptcy but the CABN said i have too much spare cash if i dont pay my credit cards minimum payment...any advice?...im in manchester and the Ex wife is circiing again for £7.5k in the next 4 weeks otherwise she is taking me to court for an attachment to earnings...all been a very painful 3 years of my life thats left me homeless(living in a shared house) and pennyless!...i have no assets or money to give!

Starry1981

Hi, unfortunately we are one of those couples who pay in a minimal amount each month.....tbh my partner was doing fine with his loan who would only have less than a year left and he had an overdraft which would of been sorted after the loan it was me who had a few debts a few were only small like £400/£700 and there is 2 creditors who I owe a few k to but a year on we feel an Iva was not the solution for us I had the bailiffs on my back for a sudden bill I thought I was paying to my council they just didn't tell me the plan was not in place,I then got another letter saying I owed x amount so I owed my council 2 lots which amounted to £3500 this tipped me over the edge council refused to take the debt back and wouldn't speak to me at all I had the bailiff company threatening me with taking 45% of my then child tax payments a week they would not listen to anything I said or my friend as I was sat in the corner crying with my then 2 year old worrying about where I go from there when low and behold my friend googles the bailiff company and a debt solution company flash up and here we are today....personally I feel that they cohearsed me into doing an interlocking Iva with my partner so we would be approved I only owed £7200 and he owed £5500 but feel he would of been better just paying his off as he had been doing and I could of found another solution as our ivas were based on him working full time and me only receiving child tax credit which they never took into account me losing nearly all of my tax credits then spent year so we are about £240 a month worse off which our iva company has said it puts us into negative figures so we only have 2 options..........full and final or bankruptcy


To end our journey the only way out of our ivas is to offer a full and final from my dad which meant I had to explain in depth the whys and how's of why we was in debt and why we wanted him to help can't say he was too happy but he's helping us as we await our creditors meetin on the 4th August, we didn't want to fail it or go bankrupt our creditors are not gettin that much of a raw deal as they did find 2k worth of ppi for myself. We felt we tried hard going down this route but wish we had not and had gone another route if I hadn't of panicked and took everything they said at face value I was just so relieved to not have the bailiffs waiting for me anymore and hiding in my own home.

We've had 2 companies on our journey and I must say they have both been really nice and helpful, I just wish the 2nd firm could of let us deal with our actual IP our first company we had his direct number and felt really comfortable knowing he was on the other end of the phone and not loads of different advisors with different advice.

Sorry if this is long

Brian22

Hello ,

I have just checked my credit rating and noticed a debt with my previous bank on a personal account .

I did go through a bad patch in 2010 and was setting up an IVA but this did not go through as I never sent some information and the IVA company dropped it .

I have managed to pay off all my debts and this was the last one to clear so I contacted the bank and the account defaulted in October 2010 but the debt was from 22/06/2010 for just under £2100 . At the time I did have an overdraft on a business account too for £18k and a loan for £5 K but have not heard anything since 2010.

I phoned the bank today and they told me that there was an IVA agreed in October 2010 and that I needed to send the completion certificate . I told them the IVA never went ahead and they have told me I need to seek advice then get back to them .

can anyone help me as to which way to make my next move ?

Mistyang

A relative has an IVA which has a term of 60 months, there are 14 months left to pay the IVA in full. However on checking the paperwork today there is this paragraph which state

DURATION
The payment period under the arrangement will be 60 months. After this period, the arrangement can continue for 6 months to allow my Supervisor to make the final distribution and complete his administration.

The payments are £150 per calendar month for the IVA. How can a term of 60 months be extended a further 6 under this terminology which is not very clear as unsure about the use of the word "CAN" here, makes it sound like a threat. A further 6 months is a lot of money and further hardship. Can anyone explain this to me on this thread please and I will pass on the responses to my relative who is not on the internet.
Thanks in advance.

UpToMyNeckInIt

You might be getting this clause confused a little: My own IVA (and I assume most other IVA's) has a similar clause, and all it means is that payments stop on Month 60, but your IP allows themselves up to 6 Months after that to complete final arrangements before issuing the completion certificate (eg: process final creditor payments, deal with outstanding PPI and tie up other loose ends etc).

Mistyang

Many thanks for your reply UpToMyNeckInIt, that explains things I shall pass that on...

mollymomoo89

Hello Everyone,

I am looking for some advise (as normally I just do things and then shoot myself in the foot!! And 5-6yrs is a LONG TIME for a mistake)

I am currently in a bit of debt (£15,000+) and looking to get an IVA, I am recently self-employed, living with parents (because I can't afford to rent), and I feel like my life is on pause (nearly 27). I have a phone appointment tomorrow with Payplan & Knight Bridge Insolvency (IVA) company. But after reading a few reviews and things I feel a little lost and not sure what I should do.

At the moment I don't make a lot of money but with the amount they are offering me to pay back each month £90 @ 60 months I feel like a huge weight would be off my shoulders and I wouldn't have to stress out so much. I don't have the funds to go bankrupt and I don't really want to (seen it happen to my Dad). My parents don't really understand and we end up rowing. And I just want to be a 20 something and live life!!!

So please if anyone has any advice please get in contact with me.

*Do you feel it makes you respect money more getting an IVA?
*Sense of relief not having to worry?
*You have a better work/life money balance?
* Pro's & Con's
* Any other solutions?

Many Thanks
Mx