Relaxed Covid / IVA rules -- Update

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Foggy

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Post by Foggy » Wed Sep 16, 2020 9:17 am
The government introduced covid guidance in April 2020 to make life in an IVA and Covid a little easier. These amendments were intended to last until October 2020.

They have now been further revised and also extended until 20 April 2021.

They can be found here: https://www.gov.uk/government/publicati ... a-protocol

And a more 'user friendly' article has been published by our friends over at Debt Camel, here: https://debtcamel.co.uk/coronavirus-iva ... ent-break/
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

Cupcake08

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Joined: Sat Jan 20, 2018 3:31 am

Post by Cupcake08 » Wed Oct 14, 2020 9:32 pm
Really interesting post Foggy - thank you.
Interestingly my IP contacted me in September and is insisting the remortgage process is completed by December 2020 - I reach year 5 next Spring. I am left wondering how binding this guidance is so have asked for clarity (My IP is a large concern based in NW).
Personally I feel conflicted because the protocol agreement I signed is for remortgage or secured loan. It was too much for me to process at beginning, I was told verbally it would be 'very, very, very hard' but actually it isn't - even in a pandemic there are lenders who specialise in this. When I look at the rates and the overall cost to repay is makes me feel quite ill; I would effectively be taking on more debt overall than I started with. I know this is part of the 'system' and becoming credit worthy means be able to refinance in the future and the protocol caps the monthly amount but it is not easy to feel comfortable with this.

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
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Post by Foggy » Thu Oct 15, 2020 6:55 am
I was told by one of the regulatory bodies that these guidelines should be followed and that IPs were not free to 'cherry pick' what suited them.
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
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