After this certificate has been issued you are released completely, save for any PPI which might surface in the future (but there is a fast approaching deadline for that anyway).
Am I right in saying, so long as the PPI wasn't arranged before you entered an IVA? They can still scour for this, if it was?
All PPI will have been arranged before the IVA and is all subject to the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Why are you paying the total balance of debts and interest if you don't need to?
Your parents should save their money and you should base any settlement offer on the number of remaining payments, which I presume is a much lower sum.
Lisa Thomas wrote:Why are you paying the total balance of debts and interest if you don't need to?
Your parents should save their money and you should base any settlement offer on the number of remaining payments, which I presume is a much lower sum.
Not my thread but curious...
Does this mean that once an IVA has been approved, general guidance is to never pay more than 'surplus x 60' (or 72 if home equity)?
And that any conditional F&F offer should be somewhere around 50-80% of 'surplus x remaining months', as to offer any more would be unnecessary?
Is there anything (like a windfall paying off the full debt plus interest) that would fix your credit file before the 6 years from the initial meeting of creditors?
No, your credit file will still be stuffed for the full six years.
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
After this certificate has been issued you are released completely, save for any PPI which might surface in the future (but there is a fast approaching deadline for that anyway).
Am I right in saying, so long as the PPI wasn't arranged before you entered an IVA? They can still scour for this, if it was?
All PPI will have been arranged before the IVA and is all subject to the IVA.
Does this mean that once an IVA has been approved, general guidance is to never pay more than 'surplus x 60' (or 72 if home equity)?
This is not accurate --- you pay what you can afford, so, on top of "surplus x 60" there will be extra income, PPI and any windfalls payable, up to the total of the full original debt, plus fees and possible statutory interest, which is always owing until such time as the IVA has compl;eted --- only then is anything unpaid written off.
And that any conditional F&F offer should be somewhere around 50-80% of 'surplus x remaining months', as to offer any more would be unnecessary?
The offer should be based on the amount of scheduled repayments (including 12 for equity if applicable) and can be rounded down slightly to reflect circumstances (the more pressing the reason the bigger loss the creditors will entertain) and savings in administration. A very rough rule of thumb would be around 10% of the outstanding amount for every year saved. BUT ... at the end of the day it is in the lap of the creditors ... I have seen lower offers accepted and I have also seen an offer where the creditors were offered more than the outstanding amount and refused!
Is there anything (like a windfall paying off the full debt plus interest) that would fix your credit file before the 6 years from the initial meeting of creditors?
In short -- No.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
