Will this IVA never end?

dean25

I’ve due to end but they want to extend it 

fatbelly

Your wife does not have to comply with requests for information.

Maybe make a written complaint.

https://debtcamel.co.uk/complaint-iva/

sourcrates

You can be very free of it by simply not paying it, they are threatening to fail it, let them.

Takes about a year or so for an IVA to officially fail, and about as long for your creditors to realise that fact.

You can save a bit of cash over that period, when you do eventually get collection activity resumed, you will be in a good position to make settlement offers to those that bother chasing you again.

What`s your housing status, mortgage or renting?

dean25

Mortgage but it’s not in my name. A family member has offered to loan me the money to settle and get rid of it. Is this a sensible option or will them just assume I’m loaded and come after me for more money? 

sourcrates

You can make a full and final offer, it will likely have to be to at least the value of 12 months payments though.

Nothing to lose by doing so, its the creditors that decide the outcome, not your IP.

dean25

Also if the Iva fails will the money I’ve paid so far not count towards anything ? 

fatbelly

The amount passed to each creditor will reduce the amount owed to that creditor.

However that won't be much as a lot of what you have paid so far will be IP fees and the creditorsvwillvhave agreed to take a 80% reduction or similar provided the IVA completes.

I think you need to start arguing in writing rather than phoning and talking to untrained people. There's more chance that a written reply will be signed off by someone senior.

If you're struggling with the payments ask for the iva to be completed on the basis of payments to date

https://debtcamel.co.uk/help-ivas-cost-of-living/#Will_your_IVA_firm_agree_to_complete_your_IVA_on_the_basic_of_funds_paid_to_date