Payday loans while in an IVA

Get expert opinion. This is the place for new questions to be posted.
65 posts Page 2 of 5
User avatar
Foggy
Forum Expert
Posts: 26551
Contact
by Foggy » Sat Jul 21, 2018 8:04 pm
garfield021 wrote:
Can You please tell what happen normally when I fail my IVA because of taking payday loans and have a bit bigger income? What they can do?

Basically I would like to know what I can expect.


No-one can tell you -- if the IVA fails the creditors will decide what they want to do about it. They could make you bankrupt, they could send bailiffs, ask you to make an arrangement to pay, or they could even ignore it for a while.
garfield021
Posts: 29
by garfield021 » Sat Jul 21, 2018 8:10 pm
I think better for them is to make any repayment from me then not get nothing? What do You think? How normally that kind of case are finish?
User avatar
kallis3
Forum Expert
Posts: 73294
Contact
by kallis3 » Sat Jul 21, 2018 8:58 pm
Wait and see what they say.
garfield021
Posts: 29
by garfield021 » Sat Jul 21, 2018 9:26 pm
But You know I have milions things in head what gonna happen with my debts ... with my house ... thats why Im asking many questions
User avatar
kallis3
Forum Expert
Posts: 73294
Contact
by kallis3 » Sun Jul 22, 2018 7:41 am
You can ask as many as you like but until they contact you there is nothing you can do.
User avatar
Foggy
Forum Expert
Posts: 26551
Contact
by Foggy » Sun Jul 22, 2018 8:43 am
garfield021 wrote:
But You know I have milions things in head what gonna happen with my debts ... with my house ... thats why Im asking many questions



I appreciate that your head is swimming with questions, but the only people who know the answers are your IP --- will he fail the IVA or allow it to be saved ? And the creditors --- if the IVA is failed, how will they want to get their money back? If you have a lot of equity in your house they might consider bankruptcy, or anything else I have already mentioned.

Which firm are you with ?
garfield021
Posts: 29
by garfield021 » Sun Jul 22, 2018 10:33 am
Im in creditfix ... if they sell house they will have some money from it ... but if they tell me that I will go for bankrupcy I stop pay mortgage straight away so they wont get anything as house will be repossesion by bank ... so I dont know what better option is for them ...
User avatar
kallis3
Forum Expert
Posts: 73294
Contact
by kallis3 » Sun Jul 22, 2018 10:55 am
Wait until they get back to you - you may be ok.
garfield021
Posts: 29
by garfield021 » Wed Jul 25, 2018 12:07 pm
Hi. I just received this letter today:

As you are unable to remedy this breach it is now my intention to proceed with the termination of your arrangement. To clarify, termination of your arrangement will mean you are again responsible for repayment of your debts, you will not be afforded protection from your creditors taking legal action and you will be liable for all interest and charges accrued from the date of approval of your arrangement.

So thats mean its fail straight away? What I can do now? Can You help me?
User avatar
Foggy
Forum Expert
Posts: 26551
Contact
by Foggy » Wed Jul 25, 2018 12:13 pm
Have you spoken to them at all ?? Tried to sort out a solution ? Or have you just let them get on with it ?

Have they actually told you there was a breach and given you a chance to remedy it ?
User avatar
kallis3
Forum Expert
Posts: 73294
Contact
by kallis3 » Wed Jul 25, 2018 12:14 pm
Keep pressing them - don't know why they are doing this.
garfield021
Posts: 29
by garfield021 » Wed Jul 25, 2018 12:20 pm
I spent nearly hour on the phone and still they didnt connect me :-/ The worst think I cant really fix that ... so what they gonna do now? Make meeting with creditors? Because I start worrie
User avatar
Foggy
Forum Expert
Posts: 26551
Contact
by Foggy » Wed Jul 25, 2018 12:28 pm
They will write to each creditor and tell them the IVA has failed. Then it will be up to each creditor to decide what they want to do about getting their money back.

You might be able to get the creditors to agree to a debt management plan, where you agree to make regular, agreed payments, each month until the debt it paid. They often freeze interest in these agreements. I would get in touch with Payplan or Stepchange, as they work closely with the banks and do not charge fees for a DMP.

Because of the reasons for the IVA failing, some creditors might not be very helpful, but you can, at least, try.
garfield021
Posts: 29
by garfield021 » Wed Jul 25, 2018 4:18 pm
In DMP I will safe my house if I have on mortgage?
What is mains different between IVA and DMP?
User avatar
Foggy
Forum Expert
Posts: 26551
Contact
by Foggy » Wed Jul 25, 2018 4:21 pm
garfield021 wrote:
In DMP I will safe my house if I have on mortgage?
What is mains different between IVA and DMP?



Have a read here: https://www.iva.co.uk/debt-management-plan
65 posts Page 2 of 5
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Bing [Bot] and 22 guests