The end.......or is it?

BFG001 Forumite Posts: 1 Newbie
Hi folks,i entered an iva 5 years ago with Gopher who then sold or transfered it to Knightsbridge who then sold or transfered it to Creditfix and i am now currently in talks with an equity company as per iva regarding a loan or remortgage to pay off creditors.I got a figure Creditfix are asking for from the equity company of over 10000 pound even though the original figure at the start of the iva was below this which i have been paying for the last 5 years and reckon it wont be far off paid.Even though im at this stage they are still requesting income and expenditure which i am delaying untill i find out why they think i owe them so much,at the moment i am in shock as im bewildered at how iva's can be passed from pillar to post without so much as a letter or phone call.Is there anyone i can speak to who can help? Thanks Dave.


  • foxy-stoat
    foxy-stoat Forumite Posts: 6,879
    Eighth Anniversary 1,000 Posts Name Dropper
    No one will help, normal for IVA companies to get sold or passed around. If you cannot get the loan then you will have to overpay by another 12 months. Much better than borrowing another £10,000 which you will have to repay over a number of years with interest.
  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,704
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    This is exactly why an IVA is unsuitable for debts that small.

    The fee`s associated with these arrangements are quite high, on a 10k debt, you normally end up paying back the full amount, plus fee`s, plus interest etc, and getting non of the debt written off.

    Unlike on a debt of 100k say, where you make your 6 years monthly payments, say 30k, add fee`s, another 20k, and the rest is written off.

    Don`t get the loan, its a new way to make even more money from you.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- The "provit letter" is here-
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