I have had an IVA for two years now

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

John.oy

User avatar
Posts: 3
Joined: Tue Apr 20, 2010 7:43 pm

Post by John.oy » Tue Apr 20, 2010 7:43 pm
I have had an IVA for two years now, and was told that after three months my credit record would begin to repair itself. I have just checked my experian and equifax reports and find that some companies are still showing accounts settled by the agreement as current and contemporary defaults. What should I do.
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Tue Apr 20, 2010 8:09 pm
Hi
Who told you that your credit record will improve after three months ?
Your credit record is shot for six years
Regards
Andam Davies
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Apr 20, 2010 8:28 pm
Andy is correct.

There is no point worrying about your credit record until the 6 years is up.

Whoever told you that it would start to improve gave you duff gen.
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
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Tue Apr 20, 2010 10:41 pm
Very poor advice! Was this all part of a sales pitch?
Regards, Melanie Giles, Insolvency Practitioner
 
 

John.oy

User avatar
Posts: 3
Joined: Tue Apr 20, 2010 7:43 pm

Post by John.oy » Wed Apr 21, 2010 8:41 am
Surely words of comfort. It isn't that I am bothered about the time to pay back the money, but some people seem to treat it as a worse sin than Bankruptcy. One Judge actually advised us that it would be better for us to go bankrupt as we would clear all our debts in one go, then in a year we would be totally restored to grace.

We now have a good IVA supervisor,(so thanks for the offers) though in our early experiences of this condition we came a cross a great many firms who advised us much in the same way as the first message I posted. Their general sales patter went along the following lines..."sign up with us, pay us £K up front, we will contact your creditors(from the existing space on your credit card) and it will all go away". We began with one firm who then allied with a dishonest creditor, When we challenged their petition in the courts, the Judge dismissed it(look up the Hillmax case)...I believe they are both now bankrupt, but our solicitor advised that even then, they could have worn us down by attrition in presenting new petitions on issues of law had not the court made specific provision to rule this option out to them.

The point I am trying to make is that there are many 'financial advisers' out there(As opposed to Insolvency Practitioners) who try to sell IVA's, high interest loans,(or factoring arrangements if you are a company,) but basically their ploy is to get you deeper into debt, and do absolutely nothing about negotiating with your creditors.

Thanks for your advice. I am now quite happy saving up and paying cash for everything. The main difficulty we faced was getting a flexible bank account, cars and mortgage or rental property as everything is now credit scored. I know "Yes"car credit offer some sort of arrangement, as did sub prime mortgage lenders, but we have read negative Blogs on them so it makes us wary and I would like others to benefit from our experiences.
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Wed Apr 21, 2010 9:56 am
Hi John and always good to get a new perspective on the Forum. Your experience will be invaluable to new and existing posters and hopefully you will continue to post. I have tried to find the case you refer to as it would be interesting but have been unable to do so. If you have a link could you email it to me or put it on the Forum if admin do not mind. My email address is on the experts page.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

John.oy

User avatar
Posts: 3
Joined: Tue Apr 20, 2010 7:43 pm

Post by John.oy » Wed Apr 21, 2010 10:54 am
Thanks Michael,
I know the insolvency service do a good job, though we are constantly coming across 'innovatory' legal and accountancy practices that some debt companies deploy in order to frustrate attempts by an individual to resolve a debt situation honourably.

For us a combination of circumstances led to our difficulties. We ran a business and employed a factoring agent to ensure our staff salaries were always paid on time. We had a warranty in place which was sold to us in the document we signed as 'not a personal guarantee'. Lower in the detail was a phrase 'by this deed' which makes it a de-facto guarantee. A similar case was heard in the high court, and established a precedent. One of the defendants was a chap caled Maxfield in a firm of Builders. The court ruled in their favour.

Our main concern at the moment though is that some creditors are continuing to record old and satisfied debts contemporary defaults. The IVA is an agreement which as we understand it means that we are no longer in default as we have arrnged to pay our creditors. Some firms actually show this correctly, others, particularly debt purchase firms, reflect the above situation which most concerns us. This implies the debt is perpetuated on record, and does not end after six years.
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”