IVA settlement Question

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Steinhart

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Post by Steinhart » Fri May 10, 2019 12:28 pm
Hi I have tried to search the site and find some information but it wasn't easy to navigate and couldn't find the answers

I have been in my IVA now for 20 months of a 60 month term and wanted to read up on best ways and if possible I know the 5 years will still be n my credit file its not about there is a potential my family member will loan me the money and I would pay them back directly, I have not missed any payments they have always been on time and without problems

I just wanted to red the ins and outs before I started to discuss it with the Insolvency company

Any help greatly appreciated

Thank you

kallis3

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Post by kallis3 » Fri May 10, 2019 1:12 pm
Hi,

What sort of figures are you looking at?
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

Ryan

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Post by Ryan » Fri May 10, 2019 1:14 pm
Also just to advise the IVA and associated defaults will appear for 6 years on your credit reports.

Regards
Ryan Radford
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Zebra Money Centre

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Steinhart

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Post by Steinhart » Fri May 10, 2019 1:20 pm
It would be around £7,000 which would equate to the outstanding balance

Not worried about time frame just keen to get it sorted !

Steinhart

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Post by Steinhart » Fri May 10, 2019 8:53 pm
Fri May 10, 2019 1:12 pmkallis3 wrote:
Hi,

What sort of figures are you looking at?
Original full debt was 36K,

Foggy

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Post by Foggy » Sat May 11, 2019 10:05 am
If you are offering about what they would be getting in dribs and drabs over the next few years, there is every chance of success. I am assuming the offer will be funded by gifts from a third party. They will have to pay the IP direct, once the offer has been accepted. If they gift you the money first it could be defined as a windfall and lost to the IVA. The IP will require evidence that the money is from a third party and evidence of it's existence.
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

Steinhart

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Post by Steinhart » Sat May 11, 2019 12:41 pm
Thats exactly what it would be and have no issues providing the information, my health has also been getting worse and I just would like to sorted so I don't have that hanging Over me and potentially causing my illness to worsen.

I have a rare condition that stress increases my chances of a coma if medication isn't given soon enough then its game over ! Im not worried about getting a mortgage a new house or car or anything life is all ok I just want to live in a completely stress free life without the worry or stress of reviews that way I have a better chance of living a few years on !!

So would I contact the IP sending them a letter or what is the process thanks for the response foggy I've downloaded the letter from this site but didnt know what info and details do I need supporting evidence etc...

Foggy

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Post by Foggy » Sat May 11, 2019 1:53 pm
The letter will start the ball rolling and your IP will ask you for whatever else they need. Health is a compelling reason and it all helps to give the creditors a nudge in the right direction.
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

Lisa Thomas

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Post by Lisa Thomas » Mon May 13, 2019 9:06 am
My short video can be seen here on F&Fs:

https://youtu.be/h4dozq9aGak
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

Steinhart

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Post by Steinhart » Tue May 14, 2019 11:55 am
Thank you Lisa!

Steinhart

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Post by Steinhart » Wed Sep 25, 2019 2:21 pm
I thought I would give you an update after all the help I have received on this forum, its been amazing despite all the anxiety, the settlement was accepted and my IVA is now approved paid in full and final settlement, I am still waiting the paperwork, they said it could take up to 6 months, so I know I am now not allowed to get credit or other things are there any other restrictions that I need to be mindful of ?

but again a big thank you for all the support and help over the years but any advise would be greatly appreciated on this last part of my journey

Many thanks :)

kallis3

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Post by kallis3 » Wed Sep 25, 2019 3:24 pm
Excellent news! Just keep an eye on default dates on your credit record and it should be off the insolvency register within 3 months of you getting your completion letter. If you get any windfalls or PPI it will still be payable to your IVA.
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

Foggy

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Post by Foggy » Wed Sep 25, 2019 3:32 pm
Well done. As you know, you are still in the IVA and bound by it's restrictions, until the completion certificate is issued. So, windfalls and lottery wins will still be able to be captured -- depending on the exact wording of the offer and acceptance -- most F&Fs are merely a moratorium on regular payments until the IVA is formally completed.

Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

Onward and Upward :D
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

Steinhart

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Post by Steinhart » Wed Sep 25, 2019 3:53 pm
Thank you what about saving money, ok, so I am saving for a new car, can I save the money in my account now or wait until the final document arrives ? I know it seems daft to ask but I really do not know I need a decent car for work and have held back but just want to make sure I am not tripping myself up for another fall if that makes sense.

Can I rest now in peace and save as much as I want knowing that things will now be all ok ? If I saved £2000 in my account is that allowed now or should I wait to show any signs of money I havent done anything dishonest but just want to make sure I do everything right ? it didnt state anything in the info Foggy suggested ?

Foggy

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Post by Foggy » Wed Sep 25, 2019 4:06 pm
Wed Sep 25, 2019 3:53 pmSteinhart wrote:
Thank you what about saving money, ok, so I am saving for a new car, can I save the money in my account now or wait until the final document arrives ? I know it seems daft to ask but I really do not know I need a decent car for work and have held back but just want to make sure I am not tripping myself up for another fall if that makes sense.

Can I rest now in peace and save as much as I want knowing that things will now be all ok ? If I saved £2000 in my account is that allowed now or should I wait to show any signs of money I havent done anything dishonest but just want to make sure I do everything right ? it didnt state anything in the info Foggy suggested ?
As far as your regular employment income is concerned, that is all yours and you are allowed to save it --- after all you have that old IVA payment to save as well. Just don't go winning the lottery or inheriting Great Aunt Mabel's Picasso for a while.
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
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