What happens in IVA if one of my debts is a charging order?

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keith306

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Post by keith306 » Mon Feb 01, 2021 11:28 am
I am in a IVA have been since 2017 but I have found that 1 of the creditors has a charging order and did before the IVA started but was still included and shows on my paperwork but now the IVA creditfix have said it isn’t on the IVA, what happens does this mean the IVA will be cancelled and removed from my credit file ?

kallis3

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Post by kallis3 » Thu Feb 04, 2021 10:27 pm
Hi,

So sorry this has been missed, I can only apologise.

I'm afraid I don't know the answer but hopefully one of the other experts will be able to assist, probably tomorrow.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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Foggy

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Post by Foggy » Fri Feb 05, 2021 9:31 am
A charging order, basically, converts a CCJ into a secured debt and secured debts are not included in an IVA as debts covered by the arrangement. They are often referred to in the IVA as part of your financial statement as any repayments on a secured loan are allowed as expenses as you need to continue paying them regardless.

It will depend on the terms of the charging order and how they were incorporated into your IVA.

If they were included as a creditor and getting a dividend they should stop getting dividends and repay those they already have been paid, to be shared between the remaining creditors.

I don't think the IVA would be cancelled but, in any event, if it was failed it would still remain on your credit files for 6 years from the start date.

I am afraid that dealing with CF makes everything guesswork as they tend to do things their own way.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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