Wondering if I would be able to come out of IVA and pay creditors directly ?

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tracey154
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by tracey154 » Fri Dec 08, 2017 10:17 am
My ex left me in a lot of debt and I had to take out an IVA over 7 years. I am now 15 months into the Iva and thinking about moving in with my new boyfriend meaning I will have more money to pay back so I was just wondering if I would be able to come out of my Iva and pay my creditors directly

Thank you in advance
Tracey
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kallis3
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by kallis3 » Fri Dec 08, 2017 10:20 am
Hi,

You could do but you will find that creditors can add back interest and charges which will probably leave you with higher debt, plus your credit rating will still be shot so think carefully before failing your IVA.
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Foggy
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by Foggy » Fri Dec 08, 2017 10:43 am
kallis3 wrote:
Hi,

You could do but you will find that creditors can add back interest and charges which will probably leave you with higher debt, plus your credit rating will still be shot so think carefully before failing your IVA.



It is not usually a wise move, once you have taken the plunge and signed up for the IVA. As Kallis says, creditors add back lost interest and they also do not have to co-operate and can enforce collection as they see fit. Your credit rating will still be shot for the full 6 years.

Moving in with him might not increase the amount you have available to pay back that much and will be dependant on the new I&E come the time.
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tracey154
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by tracey154 » Fri Dec 08, 2017 1:54 pm
Thank you for your advice. He will be doing a contract for all bills included if I move in and not sure where this would stand with the Iva either.
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kallis3
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by kallis3 » Fri Dec 08, 2017 2:05 pm
If you are down as a lodger this won't hurt your IVA and you will just need to inform your IP. Make sure you have no joint finances as it will affect his credit rating.
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tracey154
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by tracey154 » Fri Dec 08, 2017 3:30 pm
Do you know whether they would accept a written contract from a solicitor for bills all in?
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kallis3
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by kallis3 » Fri Dec 08, 2017 3:52 pm
I have never come across this before. You just have to pay your share towards the household expenses. Curious as to why he needs a contract?
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tracey154
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by tracey154 » Fri Dec 08, 2017 4:11 pm
It's me that wants security for a place to live. Sounds silly and I'm not saying anything will go wrong in the relationship as we are really happy but if it does I won't even get a reference for another place because of my situation so would have to stay there so it just gives me a bit of security knowing that I would still have a roof over my head as I'm giving my place up. You only get one life and I want to go for it.. Just need to make sure I am really doing the right thing in the position I've been put in through an ex.

Thanks for all the replys. Think I'm going to stay in the Iva now tho and whatever they take off me will be what it is
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kallis3
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by kallis3 » Fri Dec 08, 2017 4:43 pm
Fingers crossed it all works out for you and we are always here.
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