Closed accounts and debts being sold on

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Waitingforship
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by Waitingforship » Sat May 20, 2017 9:16 pm
Hi.
I am currently in month 54 of my IVA and having refused to entertain an offer of early closure by taking out a Perinta loan through creditfix I have found that I am to do a further 12 months in lieu of equity in my house. CF have confirmed this by email at my request. I was not asked to remortgage and see this as a blessing.

So far so good. So as the next 18 months will probably go quicker than I expect I have started looking at my credit records with the 3 CRA's in a bit more detail. In my head I'm getting ready for the big credit clean up ... I know it's ages off yet but it cheers me up to think it is getting closer.

Anyway whilst looking at one of the reports which has a timeline with events on. I noticed that a couple of my accounts have been settled with a zero balance as recently as last year.

Is this because the debts have been sold on? If so assuming my IVA doesn't fail, will the new creditors be able to chase me on conclusion of the IVA?

I'm pretty sure the answer is no, but I'm trying to head off a good old fashioned panic attack. I'd hate to have gone through all this just to fail at the final hurdle and get a CCJ or something.

Sorry for the long winded question by the way.
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kallis3
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by kallis3 » Sun May 21, 2017 8:02 am
No, once your IVA is completed all remaining debts will be written off. Not long to go now!
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Foggy
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by Foggy » Sun May 21, 2017 8:54 am
Different creditors account for the toxic debt in different ways and the entries mean very little at this stage --- as long as the defaults are dated correctly they will dissappear at 6 years regardless. If a debt is sold on the new owners are still bound by the IVA and the debt will be written off at the end -- it is on of the chances debt purchasers take when buying bundled debts for pennies in the pound.
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Waitingforship
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by Waitingforship » Sun May 21, 2017 8:14 pm
Thank you Kallis and Foggy. I shall sleep a little better tonight.
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Lisa Thomas
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by Lisa Thomas » Tue May 23, 2017 10:22 am
Did you verify that you have less equity than the standard £5k?
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Waitingforship
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by Waitingforship » Tue May 23, 2017 7:56 pm
Hi Lisa I am fairly certain that I have equity in the property of more than 5 k even after taking into account my wife's share and 85% LTV etc. I think they have seen I have a secured loan against the property and know that there is no chance of a remortgage.
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Lisa Thomas
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by Lisa Thomas » Wed May 24, 2017 8:12 am
Personally I would want to be certain and get a valuation to ensure given you might have to make payments for another year.
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Waitingforship
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by Waitingforship » Wed May 24, 2017 9:56 pm
Thanks Lisa. I totally understand what you are saying. However we bought our house in 1999 for less than 100k. zoopla and Nationwide both have it pushing through the 300k barrier now. The last thing I want to do now is rock the boat and get my IP more interested in our property. My wife suffers from depression/anxiety and panic attacks. She works part time 4 hours a day and isn't paid when she's off. I'm happy to to take the hit of a further 12 months if it just keeps her stable. But I do appreciate your advice. Thanks ever so much and please don't think I'm ignoring it.
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Lisa Thomas
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by Lisa Thomas » Thu May 25, 2017 1:20 pm
It wouldn't rock the boat. You would simply see if the valuation worked in your favour - if it didn't you wouldn't disclose it. If it did you would use it to show the equity clause didn't apply to your IVA.

If you are confident there is significant equity then as you say it might not be worth the hassle.
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Ryan
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by Ryan » Thu May 25, 2017 2:14 pm
On the Accounts the important thing where Mortgages will be concerned is that they should all be defaulted with the default date being the same as the IVA start date. That way once the IVA is completed all the 3 reports should be clear.
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