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IVA - Ive been asked to lie!

edited 21 April 2020 at 8:22PM in Bankruptcy & living with it
13 replies 1.6K views
driveallnightdriveallnight Forumite
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edited 21 April 2020 at 8:22PM in Bankruptcy & living with it
Hi there
Can anyone offer assistance please?
I am currently furloughed on the JRS and will receive 80% of my salary. Prospects in my industry are not great and I fully expect that redundancy is my most likely outcome, however I cannot predict the future! 
I was already struggling massively with debt and had missed payments on my loan and credit cards for a couple of months. I have been in touch with a debt company today to help and advise me and they are suggesting an IVA would be the best solution. They have been through my ins and outs with a fine tooth comb but I am really worried as they want me to tell the Insolvency Practitioner that I am not furloughed. They want me to tell them that I am working from home on 100% of my salary. 
Please can anyone help me, does this sound like the right thing to do?

Thank you in advance
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Replies

  • sammy32683sammy32683 Forumite
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    Anything to do with financial matters IVA/bankruptcy I would not lie about your income/expenses as it can at least in bankruptcy be seen as obstructing the legal proceedings. Always tell the truth and nothing bad should happen. 
    Also I don't know your circumstances but if you have minimal assets I would suggest looking at bankruptcy if you really believe you may lose your job. I hear a lot of people doing an IVA and it failing a few years into it and they end up going bankrupt anyway and have to start a 6 year black mark on the credit file all over again. I would talk with CAB as debt companies want you to do an IVA with them as they make money from it, if you go bankrupt they don't make a penny so rarely advise that, although stepchange have an online assessment which will suggest bankruptcy if your situation is bad enough like mine was. 

    I went bankrupt two months ago and really wish I had done it sooner. 
  • MEM62MEM62 Forumite
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    I have been in touch with a debt company today
    Which debt company?  
  • luvchocolateluvchocolate Forumite
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    Please contact one of the debt charities 
  • driveallnightdriveallnight Forumite
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    MEM62 said:
    I have been in touch with a debt company today
    Which debt company?  
    I assumed it was a charity as it had a .org web address, but I now see that this is not the case. I wont name and shame them here as they do hold an incredible amount of my data!  
  • mwarbymwarby Forumite
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    A company advising an IVA for someone who has reason to fear redundancy and a downturn in their industry, doesn’t strike me as one who has the debtor or creditors best interests at heart. Unless there is a really good reason why bankruptcy/DRO or DMP are all unsuitable I wouldn’t suggest an IVA
  • fatbellyfatbelly Forumite
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    It does sound like you have stumbled across a bunch of sharks. Drop them and start again
  • driveallnightdriveallnight Forumite
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    Thanks everyone, I have had a great conversation with a debt advisor from CAB this morning and I have been told that an IVA is not appropriate for my situation! I was totally suckered by the .org web address :-( 
    Lesson learned! 
    Thanks to you all I am now on a much better path! :-D 
  • sammy32683sammy32683 Forumite
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    Good luck, and don't be scared if you have to do the bankruptcy route. I struggled with it and it took me months to finally submit my application. It's not effected me at all in a bad way apart from the mark on my file but I've had bad credit for 10 years so this is the start of getting my life back. I have money to pay everything and buy food not worrying how I'm going to get through the month which I did every single month, it's best thing I've ever done. 
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