Hi, just wondered if anybody could give me any info on this.
Today I received a letter from Capital One which are one of my creditors and 1 that accepted the Iva, the letter is a default notice and in that it says about taking to court, it says the company will not take you to court to get a judgment against you for the amount you owe under this agreement whilst the individual voluntary arrangement is in place. I’m getting the impression that they will take me to court in 6 years time then when the Iva has ended. Could that actually happen ?
No, once your IVA is finished all debt is written off and no action can be taken.
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.
A default notice is actually a good thing! It gives that debt and default a 6 year shelf life on your credit files, so should disappear with the IVA in the end.
What they are saying is that, if the IVA fails, they will come after you for the debt. If it completes as planned the debt will no longer exist to be enforced anyway. You will be free of it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Capital one tried to block my IVA before it began. I owed over £20,000 to all the other creditors combined, but only owed them (Cap-One) £200,.Obviously they tried to do what was best for them, offering me interest free instalments after they made it clear it wouldn't benefit them if my IVA goes ahead, for this huge sum of £200.
When you consider this was my credit limit with them (£200) and Capital One had given me TWELVE over limit fee's of £20 in the previous 18 months, it was only these fines that I owed if you think about it. They had already had their money back technically. They refused to take any of the fines off too.
Because I paid around 93% back, poor Capital One only managed to retrieve £186 - crashing my IVA would have been beneficial to the sum of £14.
They were also the only company out of six I owed money too that point blank refused to pay back my PPI.