Pressurised into an IVA

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1

julie774

User avatar
Posts: 1
Joined: Thu Aug 26, 2021 7:07 am

Post by julie774 » Thu Aug 26, 2021 7:07 am
I have had a IVA agreed one week ago. I now feel I was pressurised in to it and very worried about carrying it on. I have contacted the company but couldn’t get the advisor to give a straight answer. I have also in the last few days been given a chance to do a home swap, as I’m not in great health and a smaller property would be very beneficial. I’m a council tenant and the other property is a different housing association. I guess they will do financial checks and a IVA could very much stop it happening. I do feel I was pushed into it with constant phone calls over several days. Is there a way out. I was in a DMP which was working well. Need peace of mind.

Breezy

User avatar
Posts: 42
Joined: Thu Jun 24, 2021 10:04 am

Post by Breezy » Thu Aug 26, 2021 8:14 am
Unfortunately, once the IVA has been agreed by creditors, it will remain on your credit records for 6 years unless anulled by the courts, which could prove very expensive and time consuming. This will be so even if you 'cancel' the IVA (by asking your IP to officially terminate it or by simply allowing it to fail). It is possible that your creditors will agree to revert to the DMP, but there are no guarantees.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.

bowline

User avatar
Posts: 46
Joined: Sun Aug 11, 2019 2:31 pm

Post by bowline » Thu Aug 26, 2021 11:06 am
What is the total of debts that went into the IVA? How much are you paying a month?

Was it your DMP firm that wanted you to switch to an IVA?

Do you have a car or other assets to protect - obviously you don't have a house with equity?
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”