Default not on credit history what do i do with the IVA?

dungeonmaster42

Hi guys

Just have a quick question

So my father had signed up to an IVA.

I had a look at his credit history the other day on experian, and the default no longer exists on his credit history.

However, his IVA is still running and he is paying like £100 per month to it.

I wanted to ask, does he still need to keep paying the IVA? and if he stops, what would be the outcome?

Thanks



Mohan

Daniel1971

Just because a default is no longer on his file does not mean the debt has disappeared. Your father still owes this money and has admitted liability by including the creditor within his IVA and making payments to it. This will reset the statute barred clock each time.

He needs to continue making payments into his IVAor it will fail and his creditors will start to chase for payment. At best his debt level would be larger due to the IVA fees being added, at worst he could be made bankrupt by his creditors.