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by Foggy
Wed Jun 26, 2019 9:02 pm
Forum: Ask IVA Forum and Industry experts
Topic: I have 2 cars on finance and a creditors meeting to come
Replies: 5
Views: 47

Most finance agreements have an insolvency clause, but not every company acts on them. Whether you are obliged to inform them will be mentioned in the finance agreement paperwork.
by Foggy
Wed Jun 26, 2019 8:21 pm
Forum: Ask IVA Forum and Industry experts
Topic: housing act
Replies: 4
Views: 64

Many financial agreements have insolvency clauses, not they are not always enacted. Applying to the court for possession is going to cost your landlord money, whereas, in the IVA, you have carefully budgetted for everything, including the rent, so he is actually more likely to get paid ! Your agreem...
by Foggy
Wed Jun 26, 2019 8:14 pm
Forum: Ask IVA Forum and Industry experts
Topic: Should I be due a refund?
Replies: 6
Views: 68

To completely pay the creditors in full you also have to cover the fees and statutory interest.

On a £9k debt, this would be around £15k. If, as you say, you have already paid in £13.5k, there is still an amount written off.
by Foggy
Wed Jun 26, 2019 8:08 pm
Forum: Ask IVA Forum and Industry experts
Topic: Full and final settlement question
Replies: 4
Views: 34

First thoughts are that you are, in a nutshell, selling your share of the asset, so they will want up to 85% of the released equity (up to the amount that would cover the full original debt and fees). Alternatively, you could OFFER to go through this exercise, purely for the purpose of making a full...
by Foggy
Wed Jun 26, 2019 5:45 pm
Forum: Ask IVA Forum and Industry experts
Topic: 10 yrs on and still contacted
Replies: 5
Views: 242

I returned my form, having added no further details, as I genuinely cannot recall any of them and told them to rely on the records they already have. I also amended the authorities to only apply to information relevant to the period up to, but not beyond, my completion date. How did you go about am...
by Foggy
Wed Jun 26, 2019 5:07 pm
Forum: Ask IVA Forum and Industry experts
Topic: Can you have an IVA if you have debts of £5000?
Replies: 2
Views: 63

There are people in IVA's with that level of debt, but I feel that it is a really heavy handed way of dealing with that amount. Sometimes it is the way forward, but all other avenues need to be looked at first.
The right solution will be decided by many other factors, apart from debt level.
by Foggy
Wed Jun 26, 2019 3:18 pm
Forum: Ask IVA Forum and Industry experts
Topic: Redundancy question.
Replies: 5
Views: 208

It is worth running it by your IP as an option --- if they took everything over the 6 months now, they are gambling that you would be able to continue with the IVA if you didn't find work before that ran out, at least if they take the £7k as a full and final offer and closed the arrangement on that ...
by Foggy
Wed Jun 26, 2019 3:13 pm
Forum: Ask IVA Forum and Industry experts
Topic: Will I still be liable for debt tO creditors who didn't accept my IVA?
Replies: 4
Views: 105

As long as they are listed in the IVA paperwork as creditors then they are bound by it whether they voted no or didn't vote at all.
by Foggy
Wed Jun 26, 2019 3:11 pm
Forum: Ask IVA Forum and Industry experts
Topic: PPI being withheld
Replies: 2
Views: 101

PPI has recently been ruled, by the courts, as still belonging to former creditors even after the IVA has completed. There does not need to be a specific clause as this falls under assets (after acquired or otherwise). Being allowed to retain any of the refund is at the discretion of your former IP ...
by Foggy
Wed Jun 26, 2019 3:07 pm
Forum: Ask IVA Forum and Industry experts
Topic: IVA completed six years ago and a letter out of the blue today
Replies: 3
Views: 93

It could well have got mixed in with a lot of sold on debt and they either didn't realise or they are simply trying it on. I am assuming the debt to GE was included in your IVA. Do as Kallis suggests and let them know the bad news.
by Foggy
Wed Jun 26, 2019 10:54 am
Forum: Ask IVA Forum and Industry experts
Topic: Are Grant Thornton still involved in IVA cases?
Replies: 3
Views: 109

Hi Foggy Thanks for your reply, Just another question now please? If the Redress I get back from the RBS is more that what is owing to my IVA, am I entitled to claim the extra cash for myself please? If the redress brings the total amount that you have paid towards your IVA to an amount which cover...
by Foggy
Wed Jun 26, 2019 10:08 am
Forum: Ask IVA Forum and Industry experts
Topic: Are Grant Thornton still involved in IVA cases?
Replies: 3
Views: 109

GT have been 're-badged' as Aperture and will be dealimng with all old GT cases. In all likelyhood the PPI refund will be paid to Aperture for distributing among your former creditors.
by Foggy
Wed Jun 26, 2019 9:41 am
Forum: Ask IVA Forum and Industry experts
Topic: Waiting Creditors meeting but accounts already affected ?
Replies: 14
Views: 236

Most of us stopped paying once we had started on the IVA course. Even a months "saved" payments made a little safety cushion in the bank. Creditors do not usually embark on forced collection procedures quickly ---- there will usually be the phone calls from collection centres first. They have frozen...
by Foggy
Wed Jun 26, 2019 8:10 am
Forum: Meet the experts
Topic: Not sure iva was right thing
Replies: 1
Views: 79

If you fit the other criteria a DRO might have been better, but I suspect that you have too much disposable income to qualify. I think, unless there were specific reasons, that an IVA for a debt of £5k is using a sledgehammer to crack a nut ! After you have paid for eveything, having around £270 lef...
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