www.iva.co.uk

Hi

I have been in an IVA with Blair Endersby for the last 3/4 years.

I am just in the process of arranging a joint tenency on a new flat with a friend as I have been living with my parents for the last 20 something years and decided it was finally time to move out.

Everything has been going smoothly and we have been agreed as tennents and were just waiting to collect the keys, until today I get a call from the estate agents asking for an urgent meeting. I just went to see them and they told me from looking at their paperwork I have been declared as bankrupt for the last 3 years.

thankfully the estate agent was vaery understanding and has still offered us the place registered in my friends name but it was my understanding and from what I was told by BE that the whole point of me signing into an IVA was so bankrupcy would not be on my record and I would be able to continue with a normal life, then after 5 years of monthly payments my debt would be written off. This has made me think what is the point in continuing the IVA atall if my record already says im bankrupt!

Can you please explain to me what benefits there are atall of an IVA?

Hi
You are not bankrpt, it is just that some institutions view an IVA and bankruptcy in the same light.[Banks tend to do this] The record of your IVA will be off your crdit record six years from its start.
Crack on with your IVA, it is well worth it
Regards

Hi,

You may find that they class an IVA the same as bankruptcy - our building society did the same!

Check on the Insolvency Register:

http://www.insolvency.gov.uk/eiir/

Put your details in and it will say whether you are in an IVA or BR. If you are dealing with BE, then you should be in an IVA. I presume you make monthly payments to them?

Hi,

You are most certainly in an IVA but unfortunately alot of firms class Bankruptcy and IVA's as the same and I do not think that is likely to change anytime soon.

I would think you would need to get a copy of your credit report but it will definitely say IVA on there.

if institutions see them both in the same light then why have a 5 year IVA cloud hanging over my head and all the payments I have to make monthly, rather than have gone bankrupt 3 years ago and all this would have been over 2 years ago!

There no logic in it? what is the benefit of the IVA compared to bankruptcy?

The only reason I got into an IVA was to keep my record clear from being declared bankrupt

You haven't been declared bankrupt - some institutions just view them in the same light, but not all.

Everything on your credit records and the Insolvency Register will say IVA. When asked in the future if you have ever been made bankrupt you will be able to truthfully answer no.

You will have done your best, and once the IVA is over you will be debt free.

Thankyou for your help so far

I have been refused a full tenancy today by the estate agents on the grounds that I am a bankrupt?

If it’s the case that I am not bankrupt then can I go back to the estate agents and say that I am in fact not bankrupt, so I can be signed up as a full tenant and not a licensee?

I can't see why not, get them to check the insolvency register infront of you!

A lot of people enter IVAs, not to gain from a perceived improved credit rating, but to actually repay their creditors back over a realistic period. But it the effects of the IVA on your credit rating ought to have been properly explained to you at the time you made the decision to plump for the IVA.

fredjones wrote:

Thankyou for your help so far

I have been refused a full tenancy today by the estate agents on the grounds that I am a bankrupt?

If it’s the case that I am not bankrupt then can I go back to the estate agents and say that I am in fact not bankrupt, so I can be signed up as a full tenant and not a licensee?

Explain that you are in a voluntary arrangement which is not bankruptcy. Anyway try another Agent. You can also get a letter from your IP to confirm that your payments are running smoothly etc etc.