I've been in an IVA for 1 year. I have recently had a complaint upheld by three financial ombudsman service relating to unaffordable lending, which actually is the reason why I entered and IVA.
I am due a refund, a small one. Which obviously I would pay what's required into the IVA. But as part of the ruling they are required to remove the debt form my credit file which amounts to about 50% of my IVA.
What is going to happen?
Would my IVA would be invalid in anyway?
Also could IVA removed from my file as this I wouldn't of qualified for an IVA if I didn't have this debt. Which was unfairly given to me as they have ruled.
I have no idea about this as I've not come across this before. Hopefully someone else can come along and help.
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. http://kallis3.blogs.iva.co.uk
In theory the debts would be removed from your IVA --- the payments you make would stay the same as they are based on disposable income, not debt amount, but the term might shorten if you manage to pay back the rest of the original debt (minus these removed debts) plus fees and possible statutory interest.
The IVA will remain on file and active unless the courts order otherwise.
Do keep your IP in the loop as he will have to stop paying dividends to these creditors and, maybe, get any paid thus far back.
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
A very specific set of circumstances that you would really have to run by your IP and the court that is ruling on the annulling of the debts. We can all speculate from previous situations, but this is very individual and although we can offer support I think the questions you ask have to be submitted to those who can ultimately give you concrete answers. Good luck.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
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. http://kallis3.blogs.iva.co.uk
