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I have been offered an IVA..
Comments
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I have just had a client whose IVA has failed and now she can do a DRO, which she should have done in the first place.
It took 6 months to terminate it.
She paid around £2000 over the two years it was in place. How much do you think the creditors saw of that £2k?
We can say that for definite as we have just had the termination statement:
Unsecured Creditors 0.00
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This really is horrific isn't it - is it that the sector needs tighter regulation, or something else fundamentally wrong with it that people are able to do this?fatbelly said:I have just had a client whose IVA has failed and now she can do a DRO, which she should have done in the first place.
It took 6 months to terminate it.
She paid around £2000 over the two years it was in place. How much do you think the creditors saw of that £2k?
We can say that for definite as we have just had the termination statement:
Unsecured Creditors 0.00🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Needs better regulation - or a complete overhaul.
https://wearedebtadvisers.uk/news/wada-responds-to-insolvency-review-call-for-evidence
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Yes, I like that, some excellent suggestions put forward there.fatbelly said:Needs better regulation - or a complete overhaul.
https://wearedebtadvisers.uk/news/wada-responds-to-insolvency-review-call-for-evidence
Covers most of the major issues in one fell swoop, I have always thought how unfair the system of selling on bad debt actually is, and the barriers that exist where application fees are concerned.
I would also like to see IVA`s abolished, and the introduction of a single "one size fits all" solution to debt which can be tailored to the debtors circumstances also appeals to me.
See if this new PM stays around long enough to do anything about it.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 forumteam@moneysavingexpert.com. 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- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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