Starting an IVA what to expect?

re5

but for obvious reasons I'm not going to give details which will identify me.

I sleep very well at night thank you. I consider that paying off about 50% of my debt is better than a lot of folk do on an IVA. I could have gone bankrupt but am trying to pay something back. As I said earlier I acknowledge that ultimately I am to blame for borrowing money I couldn't pay back but it's not just me that criticizes the banks for their excessive rates of interest.

When interest rates rise (as they will) there's going to be a lot of folk out there who will be joining the IVA club.....

UpToMyNeckInIt

krisdorey wrote: »

You're wrong.

I don't need to be on my high horse to sleep soundly at night knowing that Im not a person who spent wildly beyond my means, enjoyed the money whilst it was there and then get half of it written off and still look to shaft the rest of normal of people who have morals.

Anyway, nice troll, but 4/10, must try harder.

So anyone entering an IVA has no morals?

Who's the troll?

Cheers pal.

I appreciate that you do not advocate dishonesty during the IVA - fair enough, I would not condone that either. But some of us have got into debt, not necessarily due to money 'spend wildly' - or not entirely anyway.

By the same token, I understand some of RE5's frustration. Some say there is 'one rule for the rich and one rule for the poor'.

Not true. It seems to me that there are NO rules for the rich (as far as insolvency goes). Don't see many A-list (or even z-listers) bankruptcy details on the publicly available register do you?

Don't see the likes of Kerry Katona driving round in £500 worth of Ford Escort either.

Anyway, since this thread is all about what to expect: In regards to the deceit of hiding a significant windfall, there is a risk of criminal charges and custodial sentances. check out this idiot:

http://www.dailymail.co.uk/news/article-2377569/Bankrupt-plasterer-Tamworth-scooped-35-000-Deal-Or-No-Deal-jailed.html

Fact is, anyone cashing in a 'secret pension' is going to have to pay it into their bank account, (well the Pru' are not going to give it to you in a big wedge of cash are they) and since most IVA providers ask for bank statements at review time ...need I say more.

An IVA is tough to endure, but it ain't a patch on struggling to repay an un-affordable debt, with spiralling interest. So take the rough with the smooth, knowing that much of your debt will be written off after 5-6 Years.

In my opinion IVA's are firm, but ultimately fair if properly administered by both the IVA firm AND the customer.

Richard_Carver

UpToMyNeckInIt wrote: »

A word of caution regarding your new bank account. HSBC are notoriously hostile towards iva customers and WILL MAKE YOU CLOSE YOUR ACCOUNT once they find out about your iva. They regularly trawl the insolvency register, systematically getting rid of us undesirables.

I did the same as you, but I opened a 'First Direct' account. 4 months into my iva, I was given 30 days to find a new account. Lots of similar reports on this and other iva forums lead me to suggest that this is not a handful of isolated incidents.

Switch to a firm like CoOp, Barclay's, Santander or Nationwide. I know it's a pain, but do it now before your iva is in place or you will then be limited to a handful of naff basic accounts.

I opened new basic current accounts (no overdraft or extra products) with NatWest and the Halifax just before my IVA and transferred wages and mortgage DD prior to IVA being processed.


We are starting the 3rd year of the IVA this week and up until now neither bank has made a squeak. I never respond to the regular offers to upgrade the accounts nor obviously their invitations to apply for an overdraft assuming they'd credit search me and might then have something to say.



I opened two different accounts in the fear that one or other, but hopefully not both, would drop me once the IVA kicked in.


Happy to say that, over two years in, we've had no problems with NatWest or Halifax.


Cheers!

SIRENS

Well looks like iva is over before it even began, had a letter from tax credits dropping payments to zero which means we do not have any disposable income to enter into an iva, also have just been notified that I owe council tax arrears in the amount of just over 2k.
Don't know where to go now, probably end up in prison for benefit fraud although due to my own ignorance I thought I had notified the council and that hm&r had also notified the council that dh was back at work.
Am really lost now

Richard_Carver

UpToMyNeckInIt wrote: »

Anyway, since this thread is all about what to expect: In regards to the deceit of hiding a significant windfall, there is a risk of criminal charges and custodial sentances. check out this idiot:

http://www.dailymail.co.uk/news/article-2377569/Bankrupt-plasterer-Tamworth-scooped-35-000-Deal-Or-No-Deal-jailed.html



.

I don't condone what this guy did by any means.


However, it always bemuses me to see financial or money crimes carry harsh custodial sentences. It was this guy's first offence and he was stupid not to declare his winnings, although I can understand the temptation.


And again, whilst I feel that it is wrong for a bankrupt person not to declare a quiz-show prize to the official receiver, we often see the perpetrators of 'social crimes' where the victims suffer direct personal injury or physiological trauma; theft, burglaries, assault etc. receiving non-custodial sentences. Especially upon the first offence.


The most valued thing in life and law is money. Some may beg to differ, telling you that people count more than money, but that is optimism and blind faith talking. The court of law shows you the way it really is.