IVA/Q's please
"write off UP TO 81% of your debt..." Keep hearing this on the radio. Friend did an IVA 6 mths ago (fee was £3k. "My IP made conference calls to call creditors - nil response" ALL of your (non-personal) - He was Coy Dir - debts are now FULLY written off. Nil payable" CAN this be true?? Figure is £300k. He is making no monthly payments (nor earning)
He is due to receive an inheritance from a Will. Is this at risk of forfieture? Dont IVAs last for 6 years? Dont you have to make an agreed month payment towards the debt? Surely you can't just get away with it?? TIA
He is due to receive an inheritance from a Will. Is this at risk of forfieture? Dont IVAs last for 6 years? Dont you have to make an agreed month payment towards the debt? Surely you can't just get away with it?? TIA
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I'm not clear what you are asking. Are you asking whether a friend's IVA has completed?
All IVA's appear on the insolvency register and stay until 3 months after they complete, so you could check if you want
https://www.insolvencydirect.bis.gov.uk/eiir/
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It looks like what you are being told is just about as true as the IVA adverts.
Are you yourself thinking about entering an IVA?If you go down to the woods today you better not go alone.0 -
That`s not how an IVA works, you make (usually) 60 monthly payments to an IVA, normally your payment is at least £100 per month, but its based on your disposable income, an IVA must be accepted by 75% of your creditors by value of debt.
You then make your payments monthly over the 60 months, after which your arrangement would end, and any remaining debt would be written off.
What you describe is not an IVA.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- 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-letter0 -
I honestly can't work out what this post is about.
Nothing I know has a fee of 3k. Bankruptcy is £680
There is a type of IVA called a lump sum IVA but I've no idea whether this is what is being described0 -
Me neither, hopefully OP will return and explain further.fatbelly said:I honestly can't work out what this post is about.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- 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-letter0 -
If you go down to the woods today you better not go alone.0
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OK, sorry. He does not have an IVA, but a 'creditors voluntary liquidation'. Listed in the Gazette, etc. Same Q though. Surely all Coy debts cannot just be written off at a stroke?0
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