IVA - Ive been asked to lie!

driveallnight

Hi there
Can anyone offer assistance please?
I am currently furloughed on the JRS and will receive 80% of my salary. Prospects in my industry are not great and I fully expect that redundancy is my most likely outcome, however I cannot predict the future! 
I was already struggling massively with debt and had missed payments on my loan and credit cards for a couple of months. I have been in touch with a debt company today to help and advise me and they are suggesting an IVA would be the best solution. They have been through my ins and outs with a fine tooth comb but I am really worried as they want me to tell the Insolvency Practitioner that I am not furloughed. They want me to tell them that I am working from home on 100% of my salary. 
Please can anyone help me, does this sound like the right thing to do?

Thank you in advance

sammy32683

Anything to do with financial matters IVA/bankruptcy I would not lie about your income/expenses as it can at least in bankruptcy be seen as obstructing the legal proceedings. Always tell the truth and nothing bad should happen. 
Also I don't know your circumstances but if you have minimal assets I would suggest looking at bankruptcy if you really believe you may lose your job. I hear a lot of people doing an IVA and it failing a few years into it and they end up going bankrupt anyway and have to start a 6 year black mark on the credit file all over again. I would talk with CAB as debt companies want you to do an IVA with them as they make money from it, if you go bankrupt they don't make a penny so rarely advise that, although stepchange have an online assessment which will suggest bankruptcy if your situation is bad enough like mine was. 

I went bankrupt two months ago and really wish I had done it sooner. 

[Deleted User]

driveallnight said:

Hi there
Can anyone offer assistance please?
I am currently furloughed on the JRS and will receive 80% of my salary. Prospects in my industry are not great and I fully expect that redundancy is my most likely outcome, however I cannot predict the future! 
I was already struggling massively with debt and had missed payments on my loan and credit cards for a couple of months. I have been in touch with a debt company today to help and advise me and they are suggesting an IVA would be the best solution. They have been through my ins and outs with a fine tooth comb but I am really worried as they want me to tell the Insolvency Practitioner that I am not furloughed. They want me to tell them that I am working from home on 100% of my salary. 
Please can anyone help me, does this sound like the right thing to do?

Thank you in advance

You say debt company rather than debt charity so I would be wary of any advice this debt company is giving you.  Contact a debt charity such as National Debtline, Step Change or CAP UK for advice instead.

MEM62

driveallnight said:

I have been in touch with a debt company today

Which debt company?  

luvchocolate

Please contact one of the debt charities 

driveallnight

MEM62 said:

driveallnight said:

I have been in touch with a debt company today

Which debt company?  

I assumed it was a charity as it had a .org web address, but I now see that this is not the case. I wont name and shame them here as they do hold an incredible amount of my data!  

Morfx

Are you aware these debt companys usually make minimum of around 5K for selling you an IVA?
It's in their interest to get you to take an IVA.. please contact Stepchange or a debt charity for impartial advice.

mwarby

A company advising an IVA for someone who has reason to fear redundancy and a downturn in their industry, doesn’t strike me as one who has the debtor or creditors best interests at heart. Unless there is a really good reason why bankruptcy/DRO or DMP are all unsuitable I wouldn’t suggest an IVA

fatbelly

It does sound like you have stumbled across a bunch of sharks. Drop them and start again

driveallnight

Thanks everyone, I have had a great conversation with a debt advisor from CAB this morning and I have been told that an IVA is not appropriate for my situation! I was totally suckered by the .org web address :-( 
Lesson learned! 
Thanks to you all I am now on a much better path! :-D 

sammy32683

Good luck, and don't be scared if you have to do the bankruptcy route. I struggled with it and it took me months to finally submit my application. It's not effected me at all in a bad way apart from the mark on my file but I've had bad credit for 10 years so this is the start of getting my life back. I have money to pay everything and buy food not worrying how I'm going to get through the month which I did every single month, it's best thing I've ever done.