I have just gone into an Iva I am with Blackhorse finance , they have sent me a letter stating they will end my contract now are they likely to do this I have paid a third of my finance so I am very worried when I spoke to the people about the Iva they said it will all be fine , since I have been in a Iva it seems to be much worse , am I better reverting to the debt management plan that I was previously on ?
Have you been paying the ongoing finance? As a secured debt it wouldn't be bound by your IVA and your I&E should have an allowance for it.
Blackhorse would know this as a secured creditor and wouldn't normally cancel your agreement just because the IVA is there... As long as they're getting paid they should be happy.
Was your nominee aware of the debt? Are you paying and paying on time?
Hi! I used to work for one of the UK's biggest Insolvency Practitioners - I don't work for an IP anymore but still have an extensive knowledge of the IVA industry. How can I help?
Most finance firms have an insolvency clause, but they do not always act on it --- as WallE said, the payment is ring-fenced in your agreed allowances ( assuming it was declared to your IP at the start) and you are actually better placed to keep up the repayments than most !
I have seen instances where Blackhorse have cancelled the agreement, but also cases where they have let it continue --- they do seem to be inconsistent. It could even be, as we have also seen before, a computer generated letter that should have been suppressed. The only way you will get a straight answer would be to speak to Blackhorse directly --- we also get instances where a firm sniffs 'insolvency' and go straight,and incorrectly, into bankruptcy mode !
Failing the IVA is rarely the answer as Blackhorse still need to be diverted from cancellation and the IVA will still crush your credit worthiness until the 6th anniversary. Additionally creditors could add back 'lost' interest and need not co-operate with a DMP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
So Basically I was in a DMP then thy said Iva is better so I have gone into that, my car finance is NOT included in the IVa so I am very confused why they have sent me the letter , also I haven’t missed one single payment on my car finance I am worried now there just going to take my car but surely if I haven’t missed any payments they can’t just take it .
Regardless yes it is on a PCp plan and in some cases the clause May say if you have an Iva They will take the car but I’m confused because I can afford to pay the car I got the Iva for two loans which yes I can afford to pay in my own wage however if rather be in an Iva or dmp then I have more money to live on and eat ?
I am very worried this is making me feel like there is no help what do I do
Do any of you in here give over the phone advice ?
No sorry we cannot give over the phone advice. My advice would be to speak to your IP and ask them to support you in sorting this out. Alternatively go to your local citizens advice bureau and seek their help.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
