Now IVA In Place Breathing Space To Consider Other Options?

ward123

First post, looking for advice not judgement - I am where I am.
This time last year I was under the weight of £69K in unsecured debt with all savings depleted and working in a much lower paid job. I was no longer able to service the debt payments and was just recycling debt to live, it couldn't go on. After taking the payment breaks the lockdown allowed I entered into an IVA without really considering other options just seeing it as an escape from the situation.
All the debts are now showing as defaulted on the various CRA systems apart from 2 with John Lewis (HSBC) which will be hopefully updated this month. So as far as my credit report goes it cant get any worse now. I don't believe any of the creditors have yet sold on the debts.
I am trying to find the means to offer a full and final payment to clear the IVA but want to know is it worth requesting the original credit agreements now, or have I missed that opportunity by going into the IVA?
The reason I ask is that some of the debts (MBNA & Barclaycard) are from 2007 to 2012 which may mean they cannot produce the CCA so would be unenforceable until they could. If that was the case and the IVA failed I would only need to reach agreement with less than half the original debt to begin with.
As I am 55 in October I can draw down some pension money to help settle the debts, but if I did that while the IVA was in place it would all go to the IVA and still not clear the original debt.
My IVA payments are £178.00 per month for 60 months, I have made 6 payments to date which will not even cover the fees involved with the IVA. I have no assets, apart from the pension which is excluded from the IVA unless I actually draw any,  or property to protect.
If I cant offer a F&F settlement payment am I mad to consider I'm better of letting the IVA fail and dealing with the creditors myself as I would have more flexibility outside the constraints of the IVA ?
If I terminated the IVA myself rather than waiting for it to fail what is the likelihood the IP or creditors would push for bankruptcy  and how long would that take to happen roughly? 
If I know some of teh debt is unenforceable due to no CCA produced and I can get to October and my pension I would be able to reach settlements before it went to court.
Please only answer with observations and answers on the above rather than judgement.
Many thanks 

fatbelly

Well you're in a formal insolvency solution now. Whether you should have done that is a bit late to think about.

It should deal with your debts at a cost of £178 x 60 = £10680, which doesn't seem bad for 69k, even though bankruptcy would have probably been cheaper.

I personally can't see any advantage to you in deliberately making the IVA fail. And believe me I'm no fan of IVAs.

I can't see that either the IP or creditors would go for bankruptcy as it would be an expense for them and you have no property for them to try to access

Provided there is no clause in the IVA requiring you to use your pension, I'd let the IVA complete, presumably making reasonable pension contributions over the next 5 years, and then see where you are - should be in a much better position.

sourcrates

I agree with the above, the arrangement you have seems to be a good one, IVA`s do not suit everyone, and bankruptcy may have been a better choice, but you are where you are, and rocking the boat now may not be to your advantage.

Your pension is safe, and I would keep it that way, 10k payback on a near 70k debt, I would take that any day of the week.

Ignore what the fee`s will be, all you pay is your monthly payment, and everything is deducted from the pot that money goes into, so in the end, the fee`s will be around 4-5k, the rest will go to your creditors, not a very big return for them, but there you go.

I would stick with this arrangement, it could be a lot worse.

fatbelly

sourcrates said:

Ignore what the fee`s will be, all you pay is your monthly payment, and everything is deducted from the pot that money goes into, so in the end, the fee`s will be around 4-5k, the rest will go to your creditors, not a very big return for them, but there you go.

Precisely - they've already signed up for this deal.

Mckenna

Can I ask who you went with for your IVA?