Interesting debate...I am going to add my 2 cents worth to it. While I agree with most people who have posted, I certainly would not dream of keeping the money, mostly out of fear of being caught, I just think it would be a really stupid thing to do. Where my opinion differs from most is, I really really think it is wrong to even consider reporting a relative for this. What my relatives and friends do is absolutely none of my business. I do think it is wrong for the relative to hide the money BUT I think it is even more wrong for the OP to report the relative!!
I don't agree Fuzzy Dunlop - we borrowed the money with the intention of repaying it in full. We can no longer do so for various reasons but have every intention of paying back what we can.
We know there is interest to pay be it high or low and we will always owe 100p in the pound to those creditors including interest.
The 'vile' people are purely employed in call centres, the actual creditors themselves won't be hounding you - they just pass on the information. It is the call centre operatives sole purpose in life to get you to cough up anything by whatever means they can.
I would never agree with anyone hiding anything from their IP or creditors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
While I would agree that we all owe the money because we were the ones who borrowed it. I cannot agree with quite a number of the posters. I am convonced that no one enters an IVA with the intention of paying all the money back. The one reason for going into an IVA is because we cannot pay all the money back, and I also think that we the debtors are not the ones who laid down the legislation for IVA to be available it was the government who recognised that there was a problem with people in debt sometimes through no fault of their own. Anyone in an IVA is only taking advantage of this legislation.Added to this is that despite what some of the posters have said ALL IVA's are advertised on the fact that you can legally wipe off up to 75% of your debt.
We go into an IVA with the intention of paying back what we can afford otherwise we will never be free of debt. Some posters do manage to pay back 100p in the pound.
I wish that I could but it is unlikely to be possible unless I win the lottery!
If I had continued on and tried to pay them back in full there is a good chance that I would be pushing up the daisies long before that date!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree the way some firms advertise is misleading and needs to be addressed. The government recognised a need to help people out of debt but there is no entitlement to have your debt written off ifyou can afford to repay it. And ivas are a way of paying as much as y can afford...there are people who know they will repay the debts in full and are happy not to take advantage of the system.
It does always say 'up to' though. A few years ago when the TV full of these adverts they were very misleading but I think that has changed now.
They are not guaranteeing that you will get that write off - indeed the vast majority of us won't.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I don't think there should be any mention of a write off figure at all - it leads to people misunderstanding the intention of an iva. Some people think they are about writing off rather than repaying.
There probably shouldn't - however this is probably the worm that tempts the bird! If people think they can write off some of their debt they are probably more likely to phone up.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
