pressured into an IVA

[bri]

Why was I pressured into an IVA under false pretences that once you make the final payment your credit is clear.

[accgroup]

Hi Bri

Can you give us a few more details about this? Have you completed your IVA successfully?

Do you mean that your credit record should now be clear?



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[MelanieGiles]

I am sure that no-one pressurised you into an IVA, and if you were in considerable debt then your credit rating would have been impaire in any case. Who was your IVA with and what options/advice were you actually given?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[bri]

I have 3 years left on my IVA and around £15,000 left to pay. I have intimated to the supervisor that family members could raise around £8,000 to settle my IVA. Supervisor said that they would want nearer the £15k to settle. So basically, I have to keep this straight jacket on for 3 more years. I would be treated better if I were bankrupt or possibly 6 feet under. Very disillusioned .

[Sadsack]

Bri

As Melanie says, no-one pressurises anyone to enter an IVA. I know this sounds harsh but it is the reality. We are the ones who sign on the dotted line to accept the proposal and that which the creditors want. If, for any reason you were unhappy with the way your case was presented to your creditors and you were unhappy with the outcome, perhaps you should not have accepted their terms.

You don't say what your original debt was - having to pay another £15k over 3 years is not a lot and it will come to an end. Remember, a large percentage of your debt is effectively being "written off" at the end of the 5 years, your credit record will still show the IVA for a further year and then you can start rebuilding your life. Your circumstances might change in the next 12 months and you can then try and make an offer to your creditors which they might be more likely to accept.

Don't give up now - hang in there!!!!

Sue

[bri]

It is more the fact that its 5 years then your life is back to normal.
I dont think this is true.
In a nutshell my debt was £73K and told to pay around £26K over 5 years.

My parents are due to sell their house within the next 6 months and feel sure they will give me something so then it may be time to make a better offer?

[MelanieGiles]

Bri

I am sorry that you feel like this about your IVA - sadly this does happen occasionally when clients start to feel that there is no end to the payments and wish to effect a quick exit. I am afraid that as you borrowed the money, and entered into an IVA which was accepted by your creditors as a method of repayment, that I am rather on your IP's side in this regard.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[bri]

OK, I admit my mistakes but where is the stigma attached to a friend of mine who went bankrupt after gambling money away and now a year later he is discharged, not having to pay money to anyone and able to happy apply for mortgages left right and centre albeit at a higher rate but free to do so.
Who is getting better treated someone who wants to sort his life and admit mistakes or the other who plays the system and is happily laughing at it. Big deal its on a credit file but that applies to both of us.
Yes, you may think I sound bitter thats cos I am. I am working for a large firm of Solicitors in Manchester and cant progress my life due to this.

[Sadsack]

Bri

I am not sure if I understand what you mean when you say your life is not back to normal after 5 years. Nothing is "normal" after an IVA!!! In three years time you will be sitting back and thinking - "5 years ago I was in so much debt - and now I am not". You will no longer have any debt and everything you earn will be yours to spend as you wish. There will be no letters, telephone calls and threatening demands. As I said in my previous posting, a very large sum of your debt is "written off" - money which you and I and everyone else on this forum spent. With the exception (perhaps) of the IP's who post on here, we are all in the same position as you are. We are all looking forward to the end of the 60 month term. Consider yourself relatively lucky in one sense, your IVA was accepted - there are others out there who's IVA's failed and now face losing everything. You have done 24 months - hold on for the other 36.
Sue

[Skippy]

Hi Bri, I'm sorry that you are so disillusioned with your IVA but please try and hang on in there. I was in an IVA and it failed after 4 months as I couldn't afford the repayments and I went bankrupt in March. I know that you feel that your friend is 'playing the system' and 'laughing at it' but sometime BR is the only way out. I didn't take the decision lightly, the same as the others on this forum.

While there is not so much stigma regarding BR, it is with you for the rest of your life. If you apply for a mortgage or to open a bank account for example you can be asked if you have ever been made BR. When you answer yes it can affect the rates you are offered, even if it is years down the line.

To me this is a small price to pay to get me out of a situation that was going to drag me under. If I could have made my IVA work I would have done, but it wasn't to be and BR was my only route.

Good luck with your IVA, I hope it works out for you.


Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
I wonder why your IP states that you have to offer nearly all your remaining payments to conclude your IVA ?
As long as your lump sum will return th original dividend I can,t see why it can,t be proposed.
You will save three years on IP fees but have a cost of a variation meeting to add.
I would ask the question again because at the end of the day they have to propose a variation meeting if you want to offer a full and final settlement figure,as long as its sensible and I would have thought that something in the region of 10/11k would be.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[coco]

Hi,

I completely agree with skippy and going BR was not the easy way out, i have lost my home and my childrens inheritance in some way. OK i wont be paying in money to my creditors for 3 years in my BR but i have paid it with home. Had it be possible for me to continue with my IVA then i would certainly have done so and would have been prepared to put my life on hold but it was impossible due to incorrect disposable income being available.



(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[bri]

Like I earlier said I owe around £15000 left over next 3 years but with my parents due to see a large property I am assured of around £8,000 to £10,000 which I would have though would be accepted as its better for all parties to draw an end to this ? No ?

[Skippy]

As Andy says you really need to speak to your IP about this and ask them to arrange a variation meeting to put this to your creditors.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/