I happen in an IVA with Clark Richards for six years, have now received correspondence from them stating they have ceased dealing with IVA's and have transferred all names to AngelAdvance who have written to me to complete new form. From the correspondence I realise only slightly more than half my monthly payment has been going to my creditors. I am sixty this year and their estimated time to complete is 12 years. Don't know what to do.
Welcome to the forum. Firstly just because you have been passed to a different company should not mean it takes longer to complete your iva.
A few questions to enable a clearer response ...
- what was the original projected return to creditors? P in the £ ?
- how many months were you asked to make payments for ?
- do you own your property and if so were you expected to release equity during the last year ?
- have you paid in any overtime / windfalls etc over the term of your iva so far ?
If you let us have the info we should be able to offer some further advice.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The IVA is for the time agreed at the outset ( which might have a 12 month extension in lieu of equity added on). Dig out your proposal and Chairman;s Report and have a read.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi and welcome, if you feel that you are in an IVA do check the insolvency register, if you're not on there, it may well be a DMP (debt management plan) - as Lisa states most IVA's are for 60/72 months.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If you are in a DMP this is very different from an IVA and usually the debt has to be paid back in full, sometimes with interest continuing to accrue, which is probably why you have so long left to go.
There might be better options available for you and an IVA may well be one of them but it depends on your overall financial position.
What assets do you own, how much debt do you have, what net income do you have etc.
Dear Jo. I work for Angel Advance and having read your post it does certainly seem like you were in a DMP with Clark Richards; they didn't offer IVAs in-house. Angel Advance does offer IVAs and employs a licensed Insolvency Practitioner. We'd be very happy to speak with you, if you're still looking for a solution to your debt problems, to establish if this is the best option for you. You can also find information about different debt solutions at www.moneyadviceservice.org.uk.
Kind regards
Beth
You cannot solicit for business on here unless you are an expert - suggest you contact Andy Davie (details under the ask experts a question link on the left hand side) and see what he says as he is the Administrator for the site.
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 would suggest shop around and talk to them if still interested.
I would point out that having spent 6 years in a dmp and your age that any advice that you receive you should weigh up the pros and cons based on that.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
However, the company is not allowed to tout for business unless they are an expert - forum rules.
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
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
