Junk Mail

[coco]

Hi,

Has anyone else received letter from companies offer early exit from an IVA and if so what are they, is it just another scam to obtain money from people.

In the past 2 weeks i have receive 3 letters from different companies offering this service.

41 payments to go

[Skippy]

I received a letter like that (I can't remember the name of the company) but I just binned it - it seemed dodgy to me.

Three down, fifty seven to go until freedom!

[herbek]

I have just started an IVA at £50,000 @ 55p dividend. Let's call it £30,000 I will pay back in 5 years with IP fees.

The only way to get out of this early is.

1. Win lottery - Heh it could happen.
2. Release equity in house/parents die etc or you get huge payrise/ bonus, it happens as well so ok.
3. You take a loan out for £30,000.

Hmm, 1 and 2 are ok but hangon. But the £30,000 I owe via the IVA has interest stopped through this legal process.

If I take one then surely I must pay interest. No-one is offering interest free loans for 5 years and hangon, this sounds just like the consolidation loans that I took (3 times) that got me into this mess in the first place.

Personally, not got one of these letters yet but will ignoring them but I am registered with the postal preference service and any junk mail directly addressed to me from a company I do not have direct dealings with is an offence and punishable by a fairly hefty fine PER MAIL sent I understand.

Interestingly whle I was in arrears prior to the IVA I received daily letters offer more credit from the companies I owed money too but strangely they have all stopped now the IVA was approved.

The bloodsuckers are going to bleed me of 55p in the pound and not a penny more...

[MelanieGiles]

Hi Coco

Your Insolvency Practitioner can give you advice on completing your IVA early, so take advice from him/her if this is an option.

There are several companies that search the IVA register for homeowners to encourage them to raise equity to offer a lump sum. I suspect that the letter you have received is from one of these companies - and remember there is no such thing as a "free lunch".



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[herbek]

Agreed, if I was to pursue an early ending to the IVA I would only ever consider putting that business through the IP that got me the IVA to begin with (and saved my b***s in the first place, scuse the french) and if they make a bit extra on fees arranging it no problem.

As for unsolicited letters see my post above

[Skippy]

They made a mistake with me - I'm not a homeowner! I'm not sure how they are planning on ending my IVA early!

Three down, fifty seven to go until freedom!

[herbek]

That's junk mail for you....

[coco]

Hi Everyone,

That is what i thought, but we are vulnerable and it is seems people in the finicial world dont care.

It has been so good to be able to talk to people in the same situtaion as myself, only my family are aware of what we are going through and family and finances do go too well so i have had to do alot of this alone and that has been a huge headache.



52 payments to go