Regarding iva

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Lee2023

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Joined: Tue Jul 25, 2023 6:53 pm

Post by Lee2023 » Mon Aug 14, 2023 4:30 pm
Hello long story short I’ve been emailing my Iva company back and thro last couple weeks.

Pretty much the lady is calling a creditors meeting to tell the creditors to vote to accept the money already paid to complete my Iva ( this will be 1 year early 😌 )

If all this goes ahead and the Iva is marked as completed would I be eligible to enter into a DRO ?, does completed work the same as terminated in that sense of you no what I mean?

As I wanted to end my Iva and go into a DRO but they wouldn’t help me until the Iva was terminated but I found out my creditors could accept the money paid to date, so I thought I’d rather finish it rather than fail it if u no what I mean.

The so basic question is : can I still enter a drop upon completion of the Iva?

Lee2023

Posts: 5
Joined: Tue Jul 25, 2023 6:53 pm

Post by Lee2023 » Mon Aug 14, 2023 4:31 pm
I must add the reason for the DRO is I have stupidly built up some other debts threw out the IVA

kallis3

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Post by kallis3 » Mon Aug 14, 2023 5:25 pm
The debts included in your IVA will be cleared but the other ones won't. Not sure if you would be able to do a DRO but you could go bankrupt. You would have to pay for it (can't remember the fee now) and you may have to have a payment for three years but you would then be cleared of all debts.
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.
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Breezy

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Post by Breezy » Mon Aug 14, 2023 6:36 pm
If you qualified for the IVA criteria you would be unlikely to satisfy the DRO criteria
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
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