Ok - IVA why bother take 2

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n958g

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Post by n958g » Fri Jan 18, 2019 9:15 pm
Hi there - Ok, i am back now to write this in full!

So - What i meant was..............Just leave everything.

Lets say its just credit card and loan debt only and the person rents - no secured debt, no council / water debt etc . No more than about 5k on each credit card / loan - spread over multiple lenders.

So, don't open any of those letters, ignore the calls (get a new number) and just get the eventual default on your credit file (which, like an IVA would go after 6 years anyway leaving a clean credit file). If a CCJ comes along ignore that too (nobody attends court anyway) and just let go from your file after 6 years. So, basically - just stop paying anything. No contact with anyone.

What i am getting at is the end result is the same over the 6 year period with regard your credit file - so why bother paying anything at all?

I AM NOT SAYING THIS IS THE RIGHT THING TO DO - JUST ASKING IF THE END RESULT IS THE SAME, THEN IS IT NOT POSSIBLE TO JUST NOT PAY ANYTHING BACK AT ALL?

I didn't mention bailiffs but not sure if credit companies even bother for credit card / loan debts of these values? Even so, just ignore them too?

Anyway - what do you think?

n958g

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Post by n958g » Fri Jan 18, 2019 9:24 pm
By the way - It was nice to see a lot of the old people on here when i did my IVA 8 years ago!

Foggy

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Post by Foggy » Fri Jan 18, 2019 9:31 pm
If everything went your way and you had nerves of steel -- it might work. The loans, however, would not be defaulted, just left showing arrears for ever.There is no time limit on undefaulted accounts showing on your credit files. Bailiffs can be quite persistent, and some not so adherent to the "rules of enforcement".

You would be unable to change insurance companies or utility companies, as you will fail the credit check. When your tenancy agreement expires you will be unable to rent through any agency or private landlord who credit checks through the landlords hub. Some employment will no longer be open to you.

You would be unable to change bank accounts for any but the basic accounts. During time some of the toxic debts would be sold to, sometimes, less scrupulous collection agencies and several debts could then be combined, making one creditor more likely to put some effort into collection.
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

kallis3

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Post by kallis3 » Fri Jan 18, 2019 10:32 pm
Have to say I agree with Foggy - the idea is to pay back as much as you can and not ignore letters or calls - it can only harm you in the long term.
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

MerlinL14

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Post by MerlinL14 » Sat Jan 19, 2019 1:57 pm
Like an Ostrich burying it's head in the sand, you can ignore everything about you but your 4rse is still vulnerable.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

kallis3

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Post by kallis3 » Sat Jan 19, 2019 2:48 pm
You also run the risk of being made bankrupt.
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

Mrs_Brown

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Post by Mrs_Brown » Sat Jan 19, 2019 3:58 pm
Someone once told me he did this, stopped paying and it all dropped off after 6yrs. When I looked at the public insolvency record he was on there, with an old IVA unsettled. I suspect from what I was told, that he set up the IVA then did a bunk on them and allowed his new partner to take on all their credit moving on, as they bought a home. He is no longer listed as insolvent so maybe he had to face it in the end.

Lisa Thomas

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Post by Lisa Thomas » Mon Jan 21, 2019 10:05 am
The risk is being pursued by creditors - bailiffs, assets sized, and Bankruptcy.
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
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