Coming off my IVA?

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jay903

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Post by jay903 » Tue Oct 16, 2018 8:36 pm
Hi, I started my IVA January this year and I have been offered a new job which would increase my income considerably, would I be able to come off my IVA and deal with my debtor's myself, or could I change from an IVA to a debt consolidation as I want all my debts finished within the next year.

Foggy

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Post by Foggy » Wed Oct 17, 2018 6:58 am
It is possible to allow the IVA to fail, but it would remain on your credit files for the full 6 years. The creditors will add back lost interest and possible charges and will be able to pursue collection as they see fit. They might not wish to negotiate a repayment plan. That said they would be foolish not to -- but they do not always follow the same logic as the rest of us. Of course the new job might not be viewed as stable as your current job, so there would be a risk there for them to consider.

As the salary increase will give you a chance to save your share (50% of the extra income) maybe think about staying in the IVA a while and saving your shares to make a F&F offer based on outstanding payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

kallis3

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Post by kallis3 » Wed Oct 17, 2018 8:31 am
I agree with Foggy.
http://kallis3.blogs.iva.co.uk/
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.

jay903

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Post by jay903 » Wed Oct 17, 2018 11:22 am
Foggy wrote:
It is possible to allow the IVA to fail, but it would remain on your credit files for the full 6 years. The creditors will add back lost interest and possible charges and will be able to pursue collection as they see fit. They might not wish to negotiate a repayment plan. That said they would be foolish not to -- but they do not always follow the same logic as the rest of us. Of course the new job might not be viewed as stable as your current job, so there would be a risk there for them to consider.

As the salary increase will give you a chance to save your share (50% of the extra income) maybe think about staying in the IVA a while and saving your shares to make a F&F offer based on outstanding payments.

Thank you

Lisa Thomas

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Post by Lisa Thomas » Thu Oct 18, 2018 9:42 am
If you fail your IVA the IP will take their costs out of the monies you have paid in to date. There may not be anything left for the creditors. You will then be back to square one and will have to pay your total debts plus interest and at risk of debt recovery proceedings.

How much are you total creditors and what assets/contributions have you paid in so far/are you due to pay in future?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

kallis3

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Post by kallis3 » Thu Oct 18, 2018 9:48 am
Where would you be getting consolidation from? You wouldn't be able to get a loan and if you mean a DMP it will probably take more than 12 months and no guarantee interest would be frozen.
http://kallis3.blogs.iva.co.uk/
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.
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