Creditors wiping off debt

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1

davethevan

Posts: 4
Joined: Sun Aug 19, 2018 5:03 pm

Post by davethevan » Thu Dec 16, 2021 4:10 pm
Hi, Have been in an iva for 3 years now. Last year sunny loans went bust and sent me an email stating that no more money is owed. I sent this email to my iva company, now I have just had an email saying that Provident are now clearing my debt, if which I have forwarded to the iva company. Could anyone tell me how this effects my iva and payments etc. Thanks in advance.

Foggy

User avatar
Forum Expert
Posts: 33160
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Dec 16, 2021 4:53 pm
It, generally, will not affect your IVA or your repayments. what will happen is that the remaining creditors will get a share of the written off loans dividend. And,so, they will get more of their debts back. It would only affect you directly if the written off loans were large enough to result in you paying the full remaining debt, fees and possible statutory interest already, in which case the IVA would end early.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

bowline

User avatar
Posts: 56
Joined: Sun Aug 11, 2019 2:31 pm

Post by bowline » Thu Dec 16, 2021 6:50 pm
If you borrowed from Provident for a long while, you can make a claim to the "Scheme Of Anrrangement". Any refund will go to your IVA but if it is large and your debts arent that big, it may mean your IVA would end?

davethevan

Posts: 4
Joined: Sun Aug 19, 2018 5:03 pm

Post by davethevan » Mon Dec 20, 2021 10:17 am
Thank you for your advice.
I will look in to the provident thing.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”