Defaults in IVA

babyharry07

I’m currently in a IVA which has another 2 years to run. Though I have noticed that 90% of my defaults have been removed due to being older than 6 years old. What happens to all the money that I pay into my IVA? Hope someone could help.

fatbelly

You are three years into an IVA and don't understand how it works? 

There are two major fees collected by your IP: a nominee fee and a supervisor fee. These will total several thousand pounds and I would hope would be paid by now. Your creditors should be starting to receive some payment.

In the final year of the IVA you will be asked if you can release equity from your property for further payment to your creditors. If not, a further year may be added.

Ask for a copy of your agreement if you no longer have it.

Ps. It sounds like your credit file is being marked correctly. The Iva mark will go on its 6th anniversary or when it completes if later

sourcrates

Well each operate independently of the other.

You are in an IVA as presumably you had debts over 50k, and could not go bankrupt due to you owning at least one property, your IVA deals with your debts, in the manner set out above, and also in your agreement.

Whilst the debts included in your IVA reach the 6 year mark since default and are removed due to age.

The IVA continues until successful completion by you.