Payday loans while in an IVA

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garfield021
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by garfield021 » Wed Jul 25, 2018 6:20 pm
Do I safe house in DMP? I know I asked that before ... but what most taken action when IVA fails? Bankrupcy? Reapply for IVA? Apply for DMP?
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Foggy
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by Foggy » Wed Jul 25, 2018 6:30 pm
The house will only be safe while creditors agree to follow the DMP -- they can change their minds at any time. You no longer have any protection that the IVA gave you and what the creditors do is no longer in your control and no-one can tell you what they might decide to do.

People here in the past have been made bankrupt when an IVA fails, some have gone into a DMP and some have applied for a new IVA (which will be hard to do because of the resons yours failed). Others have simply agreed a payment plan with each creditor. Anything could happen.
garfield021
Posts: 29
by garfield021 » Wed Jul 25, 2018 6:59 pm
I have some money in house value and still working ... in my opinion is better for creditors to get anything back them nothing when rhey will make me bankrupcy? What You think about it?
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kallis3
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by kallis3 » Wed Jul 25, 2018 7:16 pm
You need to speak to your IP about this ,
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MerlinL14
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by MerlinL14 » Thu Jul 26, 2018 12:23 pm
I think that you really need to be honest with yourself and start asking you some questions. You say that even when in an IVA you were taking out payday loans, surely you must have realised that the IVA just wasn't helping you in the life style you seemed to have fell into. Seriously, an IVA isn't just a way of paying off your debts at a lower rate than you would have done if not insolvent, it is a way of life for 5 or 6 years, you adapt or fail on your own judgement. You have to adjust your life, make huge sacrifices and judgement calls on day to day life as well as a path forward. We can offer help and support, but it is ultimately a responsibility of you to combat the addiction of spending money you don't have on 'stuff' you don't NEED. We were all guilty of spending the Banks money or store cards etc at some point. But we have had to make the sacrifices I speak of and we are totally different people at the end of it, but we had to change. If you don't change you are never going to find a solution.
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SteveUK
Posts: 53
by SteveUK » Thu Jul 26, 2018 8:48 pm
Can I suggest that threatening them with not paying the mortgage so the house gets repossessed will only make them act faster.
garfield021
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by garfield021 » Sun Jul 29, 2018 8:02 pm
Hi. What happen when You sell Your house when You are still on IVA?
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Foggy
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by Foggy » Sun Jul 29, 2018 8:30 pm
garfield021 wrote:
Hi. What happen when You sell Your house when You are still on IVA?


If there is any money left after repaying the mortgage and any secured loans it will go into the IVA. At the moment there will be a restriction on the deeds which any buyer will see and might not go ahead with their purchase.
garfield021
Posts: 29
by garfield021 » Sun Jul 29, 2018 8:35 pm
Do I have to pay the money to IVA or they will go automatically?
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kallis3
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by kallis3 » Sun Jul 29, 2018 9:14 pm
Until restrictions are removed from your IVA any money will be due to your IVA and you may find it difficult to sell.
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Foggy
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by Foggy » Sun Jul 29, 2018 9:15 pm
garfield021 wrote:
Do I have to pay the money to IVA or they will go automatically?


Your solicitor will pay it direct to your IVA if the restriction has been put on the title deeds (it usually is there, but, sometimes, they forget).
garfield021
Posts: 29
by garfield021 » Mon Jul 30, 2018 12:42 pm
Can please explain for me when they will make me bankrupcy what item I have to sell to pay some money for creditors and what about my income? What happen with them?
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kallis3
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by kallis3 » Mon Jul 30, 2018 1:02 pm
We can't say when you will be made bankrupt. Unless you have anything valuable you won't have to sell anything and you may find you have to pay money across for 3 years. It would all be discussed when you speak to the official receiver.
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Foggy
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by Foggy » Mon Jul 30, 2018 1:43 pm
If you are made bankrupt, or you make yourself bankrupt , the official receiver will sell any assets of value as well as take control of your house to maybe sell later. They will also make an arrangement where you pay your disposable income (worked out the same way as the IVA payment was) for around three years. The Official Receiver has more power than your IVA provider and will be more strict. He will check your income more closely and can freeze bank accounts if need be.
garfield021
Posts: 29
by garfield021 » Mon Jul 30, 2018 3:39 pm
Are they coming to home to check what value I have at home?
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