My IVA didn’t work for me

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
cyril
Posts: 1
by cyril » Sun Sep 16, 2018 10:39 am
I have just completed my Iva which lasted over 7 yrs so this 5 yr plan is false. I lost my house they took my lump sum of my pension and I was paying over 427 a month for 7 yrs. I owed 43000 and ended up paying more than 56000 back so I would advise people. DO NOT ENTER AN IVA THEY USE LEGAL LOOP HOLES TO MAKE YOUR LIFE A MISERY. I HAVE LOST EVERYTHING THRU AN IVA DO NOT TRUST ANY OF THEM
User avatar
kallis3
Forum Expert
Posts: 73581
Contact
by kallis3 » Sun Sep 16, 2018 10:53 am
You will pay more back as there are fees to pay as well as possible statutory interest - why did you lose your house?

Not all companies are bad as most of us on here will testify.
User avatar
Foggy
Forum Expert
Posts: 27073
Contact
by Foggy » Sun Sep 16, 2018 11:03 am
cyril wrote:
I have just completed my Iva which lasted over 7 yrs so this 5 yr plan is false. I lost my house they took my lump sum of my pension and I was paying over 427 a month for 7 yrs. I owed 43000 and ended up paying more than 56000 back so I would advise people. DO NOT ENTER AN IVA THEY USE LEGAL LOOP HOLES TO MAKE YOUR LIFE A MISERY. I HAVE LOST EVERYTHING THRU AN IVA DO NOT TRUST ANY OF THEM



Sorry to hear that your IVA didn't work for you. IVAs work for the majority of those who enter them -- yes, some go awry for a variety of reasons, as things do in all walks of life. I, too, am curious as to why you lost your house.

Regarding a "5 year IVA" taking 7 -- this happens -- sometimes the IVA gets extended at the outset and often extended in lieu of equity -- this is all in the paperwork you would have agreed to and signed.
Most in IVAs delay pension lump sum draw downs during the term -- it is, again, included in the paperwork that such windfalls will be payable into the IVA if you get them while in the IVA. Most choose to defer this payment until the IVA has concluded.
On a £43k debt, I would expect the IVA to be "settled" after receipt of around £70k in a 7 year period. So, your payment of £53k falls short of a full settlement --- paying the debts, including contractual interest without an IVA would probably have cost more and you might have been forced into bankruptcy anyway.
User avatar
MerlinL14
Posts: 1458
by MerlinL14 » Sun Sep 16, 2018 5:49 pm
So sorry your IVA has left you feeling so hostile about the process and outcome. You are a minority though and I would describe most IVA's to be faultless and a great solution for becoming debt free and budget savi for the future.Most IVA's, as borne by the tiny percentage who use this journey that would normally only use a forum to make a complaint, bad outcome or just seek advice, have a good outcome. Were there circumstances that prolonged your IVA to 7 years and the eventual loss of your house?
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Bing [Bot] and 29 guests