Will a lump sum offer work?

[GullyP123]

Hi,
I have an urgent question in regards to my IVA. I am currently in an IVA with Hanover insolvency. I have paid been paying 111 for the last 15 months and now my mum and dad have agreed to give me money to pay of the IVA, the money being solely for the iva and for nothing else. I currently owe in total £4995. My Dad has offered me 4000 and this is the settlement offer I want to make. The reason my mum and dad have agreed is due to it being very stressful for me to the point where I have had to see a doctor who has put me on anti depressants. They want me to get rid of the situation and I would like this as well. How likely is it my creditors will accept this offer of 4000. My parents are not willing to give me any more and that’s where my problem lies. Can any experts chip in or anybody with past experience on full and final settlements. I have rang Hanover and spoke to them about the situation. They stated they can take the offer forward but need proof of funds etc. which I can provide. I just want more info in regards to the amount I am offering.

I would appreciate any replies and be very grateful for them.
Regards Ghulam

[Foggy]

You are saving the creditors over 3 years of admin costs processing small dividend payments as well as allowing them to get out early as well (they don't enjoy being in an IVA either!) so, I think, there is every chance that they will look at the offer seriously.

Best of luck.

[Radish]

Good luck

[Lisa Thomas]

Sounds like an attractive offer - good luck from me too.

[kallis3]

Hope it works out.

[GhulamP]

Thanks guys. I have now submitted the offer to Hanover and am awaiting what happens. I am not sure on timescales. Is anybody clued up with the timescales of how long it could take.

I am also looking for a mortgage once it has ended. Would anybody be able to recommend me to any mortgage providers that deal with people that have settled there iva early?

Thanks again for the support

[Foggy]

Most offers go through in a couple of months, although some firms take longer. Your mortgage options will still be limited until tyour credit files clear at the 6th anniversary date.

I would suggest you have a chat with Ryan and / or Shaun, two brokers experienced in dealing with those of us with an IVA in our past. Their details can be founs in their profiles here:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837

[kallis3]

Good luck.

[Lisa Thomas]

Once they have all the information they should call a meeting within 21 days, giving 14 days notice.

So in theory you should have an answer within about 6 weeks but many firms do not stick to the rules...

[GhulamP]

Hi,

The offer was accepted and the payment has been made! So happy about this and finally feel somewhat free.

I have a few more questions hoping you experts can help me with.

How long does it take to get the certificate of completion?

Is there anything i should be doing in the mean time to make sure everything is in check?

Some defaults have been registered after the initial iva date. How do i get rid of these?

My main question is once i get a certificate of completion, does my name come of the insolvency register after 3 months?

I really appreciate all the help of you guys and without this site i dont think i could have done it.

Thanks everybody for contributing

[kallis3]

Congratulations!

I don't know how long Hanover take to send out a completion letter but once you get that you should be off the register within 3 months.

As regards your credit file, it will be shot for the full six years from the start date of your IVA. You can get the defaults changed once you have that letter and you can send copies to the data controller of those creditors who have defaulted you.

Keep an eye on your credit records to make sure they are in order.

[Foggy]

How long does it take to get the certificate of completion?
It usually takes around three months on average. Some get it out in a few weeks, most a few mopnths and a couple take up to six months.

Is there anything i should be doing in the mean time to make sure everything is in check?
Get copies of your credit files from each of the three main agencies. or have a look on something like Noddle or Clearscore.

Some defaults have been registered after the initial iva date. How do i get rid of these?
Have a read here and use the template: https://www.iva.co.uk/what-does-an-iva- ... dit-record. You can amend the date of default at any time, if they have registered it incorrectly. Mine were done pretty much right away, but some creditors can be a little more awkward, so the sooner you start the clean up, the better.

My main question is once i get a certificate of completion, does my name come of the insolvency register after 3 months?
Yes, it should. But worth keeping an eye on. Most seem to come off three months, to the day, after the Insolvency Service get their copy from the IP. You will know that they have it because the IVA will be then marked completed on the register, until it is removed.

[GhulamP]

Hi,

I apologise for all the questions but im so confused right now.

I have completed my IVA with a full and final.

I am now at a point where i am looking to get my completion certificate and get my defaults at the right date.

Tesco mobile was one of my creditors who refuse to backdate my default to when the Iva started. Its constant phone calls with me even sending them a letter with the relevant acts and laws but they refuse and say they have it correct. I have a letter below. This is ridiculous. I have other creditors to chase aswell but have started with tesco who are proving very difficult. They state they have recorded it right and dont want to change it. I have contacted experian aswell who referred me to the creditor to change the default date. How can i go about this. It is very frustrating. I have also sent out letters to my other creditors and awaiting a response as most have recorded it wrong. I just need advice on how to go about this. It would be great if anybody can assist me. I just need all the defaults to be the same as i dont want it lingering over me later.

The letter i sent tesco mobile is below. The date of the iva and defaults are also shown
LETTER...

I started an Individual Voluntary Arrangement (IVA) on 13/03/2018. You can confirm this by checking the Insolvency Register at https://www.insolvencydirect.bis.gov.uk/eiir/.

I am writing to ask you to correct my credit file for Tesco Mobile: £3740 & Tesco Mobile : £761. This debt is included in my IVA.

At the moment the default date is shown as 20/03/2018. This is incorrect and a breach of the Information Commissioner’s Office guidelines and the Data Protection Act 1998. There should be a default date not later than the start date of my IVA.

Please correct this entry within 28 days or supply me with a written reason why you will not do so.

If you have any questions, please do not hesitate to give me a call.

Kind regards,

Gulam

..........

They stated they will send a letter stating that they will not change the default date. This has to be incorrect. I just need assistance.

Thanks all and apologise about the long message.

[Foggy]

First -- did you adress the letter you sent to the Data Controller at Tesco ? If you did then it is a matter for the ICO to take up for you as mentioned in my article: "If they refuse to cooperate complain to the ICO, attaching copies of correspondence to and from the creditor and proof of posting. It can take some time, but the ICO should convince the creditor of the error of their ways. "

[GhulamP]

Thanks for the Reply Foggy,

I did not address it to the Data controller but they are refusing to cooperate either way. They rang me today stating the same thing again. I really dont know how to go about this.