It is down to you to do the research and choose the route you wish to take the Insolvency firm just points out the options, based on what they have been told. In my case, for instance, I could have more easily gone bankrupt, but chose the IVA as I wished to pay back as much as I could.
When did you start your IVA ( as criteria change) and how much were your debts ( have to be less than £20k)? What was your disposable income calculated at (the IVA payment) --- if more than £50 monthly you would not have qualified for a DRO anyway. Did you own any assets at the time (home, car etc.) ?
If you qualify for a DRO you can allow the IVA to fail and enter a DRO --- but, qualifying for an IVA would indicate your disposable income would not allow you to.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for your reply.
I have since researched the company that arranged my iva and there are quite afew similar complaints about them.
I was advised that on the same info i gave the company at the time that i should of been offered a DRO but i never was given that choice
The difficulty you are going to have is that your calculated disposable income (to which you agreed) exceeds the limits for a DRO, so, without being privvy to all of the facts and figures I cannot see how you would have qualified.
You cannot now apply for a DRO until the IVA is terminated ---- and then, you might well be refused that DRO on disposable income grounds. This could leave you up that famous creek with no paddle !!
Out of interest, what was the IVA payment arrived at ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The company did not take into account certain things that i have since been informed they should of been included.
Sorry but im not going into actual monetary figures
Mon Apr 15, 2019 6:42 pmsonya wrote:
The company did not take into account certain things that i have since been informed they should of been included.
Sorry but im not going into actual monetary figures
You do not need to go into actual figures -- I am just trying to warn you that it might not be "cut and dried". As for what should and should not be included, there is no set in stone rulebook -- it is all discretionary and based on guidelines. Before doing anything with your current provider, I would suggest a chat with a DRO intermediary to see what figures they would arrive at. Then, if you are confident that you would get a DRO, go for it, if that is what you want.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you have more than £20k debt a DRO would not be for you plus, if you have an asset and more than £50 per month DI after normal household bills have been paid you would not be eligible for one.
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. http://kallis3.blogs.iva.co.uk
Usually the IP will write to you about the options and why they have been discounted and why they have recommended an IVA - check your paperwork for this to see what was said.
