Morning
My partner went into an iva 220211 and from the start was greatly misinformed , long story short he paid for a year and then the iva company have waited nearly 2 years before now asking for a increase in payments of nearly £500 . We wrote to them asking for explanations and was bamboozled with legal jargon , so after considering he had two creditors with a debt of just under £15k he would rather pay them direct and so asked for the termination of the iva , to which the iva company have asked for over £3.5k arrears or they will petition for bankruptcy ?
Understandably my partner now has no idea which way to turn ? Any advice greatly received thank you
Hi , ive read through the proposal and can see no mention of filing for bankruptcy if IVA fails , the iva company have now said he owes arrears of x amount or bankruptcy basically ? All he wants to do is pay the debts and not have the iva . I cannot work out how paying £659pm over 5 years for a £15k debt works ?
Thanks for your replies
Income payments under bankruptcy proceedings are always generally for three years Rickne. Are you confusing this perhaps with the timeline of 1 year to get discharged from bankruptcy?
I had an annual review (year 2) and my payments have gone up again since last year. DFD will be making approx £15000 out of me over the 5 year IVA. This is why I would rather go bankrupt than pay them any more money. I'd rather make 3 year more payments through bankruptcy. My original debt was approx £14000. Total amount I will be paying if I stay with DFD for 5 years (so far without any more payment increases) is over £27000. NO ONE HAS replied to my emails, faxes, letters, returned my phone calls since October last year. I have stopped my payments and still no one has contacted me. I wish you good luck and at least your IP are acknowledging your existence.
