I am coming to the end of my IVA. Can I start another one ?

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Brad.93

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Post by Brad.93 » Wed Nov 22, 2017 12:52 pm
Hi
I have been in an iva since December 2012 so I am coming to the end of my 5 year term. I need to know will it be possible to start another iva ? as a debt was not included in my original agreement and could not be added after it was set up. I have had the usual debt collection calls and letters also.

Foggy

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Post by Foggy » Wed Nov 22, 2017 1:01 pm
Once this one is complete it is a possibility -- But might not be the best way to deal with the debt. For one, a single creditor could simply refuse as they would hold all the cards. The amount of the debt might not justify an IVA. Your payments would be calculated much as they are now and a DMP might be a better way forward. A lot will depend on the maths and the viability of a single creditor IVA --- these used to be not allowed, but things change and they might be now.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

kallis3

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Post by kallis3 » Wed Nov 22, 2017 1:20 pm
Once your IVA is complete, would you be able to pay your other creditor yourself? Why was this debt not included initially?
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

luluj

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Post by luluj » Wed Nov 22, 2017 9:00 pm
Good to hear your original iva is reaching the end. There may be a better solution depending on the level of debt it relates to - expert advice is needed I think.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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