Help with sorting my IVA

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james186

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Post by james186 » Mon Jun 14, 2021 6:37 pm
Hi
I am approaching the end of my 2nd year of my IVA with Credit fix.
I pay £169 monthly. My total debt was £24000
I am finding it stressful and have been fortunate to avoid furlough.
I am 57years now and some if my pension pots from various companies I have worked may provide them with a settlement of about £6000 also my family might help.
I really would like some guidance as I feel credit fix are I am desperate for financial freedom and improved mental health. Can you help?
Warm regards
James

Foggy

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Post by Foggy » Mon Jun 14, 2021 6:50 pm
Assuming that you are a renter, not a homeowner, and that it was a 5 year arrangement, you have around 36 payments of £169 left --- so creditors are expecting to see a further £6084.

On that basis an offer of £6000 should be very attractive to them. Be clear when making the offer that you are only prepared to liquidate the pension pots for the purposes of a full and final only. Should the offer be rejected, you will leave the pension pots invested for their intended future purpose. It would be a lot better if you could raise £5 or £6K from friends / relatives and avoid bring attention to pension pots --- you could then, if you so wish, liquidate these pots, at your leisure, after the IVA has completed, to refund the donors.
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

james186

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Post by james186 » Mon Jun 14, 2021 6:58 pm
Good points heeded.
I have an interest only mortgage so 4 years to do.
I have opened another bank account at my mum's address with starling just to save money for emergencies like my 15 year old car.
Will they know?

Foggy

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Post by Foggy » Mon Jun 14, 2021 8:05 pm
Mon Jun 14, 2021 6:58 pmjames186 wrote:
Good points heeded.
I have an interest only mortgage so 4 years to do.
I have opened another bank account at my mum's address with starling just to save money for emergencies like my 15 year old car.
Will they know?
Unless they are given a reason to search they are unlikely to know -- but I wouldn't gamble on that. The 'Bank of Mattress' is more discreet.
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

james186

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Post by james186 » Tue Jun 15, 2021 12:12 am
What is the bank of mattress?
Regards
James :D

Foggy

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Post by Foggy » Tue Jun 15, 2021 6:52 am
Keeping the modest savings we are able to make in a jar, terramundi, or under the mattress.
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

lifenoteasy

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Post by lifenoteasy » Tue Jun 15, 2021 8:24 am
Be careful with Starling - they recently amended their T&C's linked to IVA's, Debt Management Plans or any form of insolvency.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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