IVA Scam

mortgagestress

Hi Martin

I took an IVA out 3 years ago in July and I was advised that the agreement was for 3 years and I was expecting it to end in July this year. However when I called the company to confirm that it would in fact be ending this they informed me that it was not due to finish until 2017. I am very annoyed about this as I understand that if you make yourself bankrupt this only runs for 3 years and I would have preferred that option as it would be ending this year. My question is would I not now be better off making myself bankrupt and letting the 3 years run from now if my IVA will run until 2017 in any event which I am paying and have never missed a payment but it is a struggle.

may thanks

rizla_king

What company? IVAs are at least 5 years so someone lied to you.

longtermplanner

You must have signed an agreement. Dig out your paperwork and see what it said.

After 3 years it would be a pity to fail the IVA and go bankrupt. But it all depends how much you are struggling with the monthly payments!!! Are you renting or buying?

If you post a Statement of Affairs (http://www.stoozing.com/calculator/soa.php) here we could say something more specific.

Vikipollard

Bear in mind that going bankrupt doesn't mean you will stop paying. You could end up with a 3 year IPA so you wouldn't be any better off - in fact potentially £700 fees worse off!


If you are struggling, have you spoken to your IP to see if there is some flexibility to reduce the payment or if they can call a variation meeting?

UpToMyNeckInIt

mortgagestress wrote: »

Hi Martin

I took an IVA out 3 years ago in July and I was advised that the agreement was for 3 years and I was expecting it to end in July this year. However when I called the company to confirm that it would in fact be ending this they informed me that it was not due to finish until 2017. I am very annoyed about this as I understand that if you make yourself bankrupt this only runs for 3 years and I would have preferred that option as it would be ending this year. My question is would I not now be better off making myself bankrupt and letting the 3 years run from now if my IVA will run until 2017 in any event which I am paying and have never missed a payment but it is a struggle.

may thanks

Hi,

I am afraid I agree with the other information here - it is what is in writing that counts, not what you think you recall from a telephone conversation 3-Years ago.

It is SO important to carefully read your IVA before signing on the dotted.

Was going BR not discussed at the time? Is there any reason (job, protecting assets etc. which made going BR not an option for you?).

If you have few assets, and don't think you would qualify for an IPA (don't know how that's worked out - you will need a chat with your local CAB), then going BR may still be an option. Just bear in mind that your credit file is trashed for 6-Years again.

Also, why are you struggling with your IVA? Have you been properly reviewing your expenditure at review time?

If you can demonstrate genuine hardship to your IP due to net income going down, the ever-increasing cost of living etc. they may be able to reduce your repayment by up to 15%, without having to call a variation meeting.

Plenty of people her on the forum will be able to help if you are happy to provide a little more detail.

Hope you get your situation sorted out soon.