Hi all. I need some advice big time. My wife and I have been in a DMP for 4 years and paid religiously every month as well as over paying where possible. The initial debt was £49,000 we currently owe £29500. I have lost my job. I contacted my DMP provider and told them that I have a sum of money to offer being £10k as full and final settlement. They started to assume many things and said they would initially offer £8000 to the creditors as a full and final IVA with a limit of £11000. Now..here's the tricky bit. I actually received much more than £11000 but, as I am not working, I have set funds aside to start a business, I want to pay some off my mortgage as I am currently not earning, pay my Dad back money that I borrowed, put my sons bond money back in an investment( disgraceful I know but, I had to cash his junior bond in!!..I would like to put that back) and.. after a dreadful struggle over the last few years.. would like to have a small sum to fall back on once I get the Adverse debt gone. Now the IVA team would like to see my bank statements. Quite obviously the figures will vary enormously....advice please!!?? Shall I continue with it or just offer more as a settlement rather than a full and final IVA.

Hi all, I need to open a business bank account for my new limited company however, we are in an IVA. Any suggestions? The Bath Building Society seems to be recommended but they want 2500 deposit to start off with to open it. Many thanks, JB

Hi I have just under £40K in unsecurred debt through 5 creditors. I have been to CCCs who have recommended a DMP. After goping through the budget it looks like I have a surplus of £718 per month to pay towards it meaning if interest id frozen i can be debt free within 5 years. all sounds a bit too good to be true so have a few questions: 1. How likely is it my creditors (Halifax, lloyds, HSBC, Tesco) will freeze interest? 2. Can I still pay £75 month to my pension? comes out before taxed And finally the most important one for us is after the DMP is finished how likely are we able to get a mortgage? We have one now and are not looking to move for probably 10 years if at all? thanks so much in advance

Hi need some advice my Daughter some years ago got into financial problems due to a broken relationship. My Daughter and my self have a mortgage on the house we live in. she set up an Iva with dfh and is paying them £300 per month plus £30 for doing absolutely nothing and in fact most of her debts are still accruing interest so in the last 5 years of paying this her debt has gone up from a start of £12k to about £22k. I thought that when she took out the Iva the interest should have stopped. it has been suggested that she declares herself bankrupt but my only concern is would we have to sell the house because of this. Or would she be better of contacting her creditors herself and sorting out a payment plan with them. your advice would be most helpful as she is getting very distraught

A very good friend of mine has been paying an IVA for almost 4 years and the contract (IVA) was issued for 60 months (5 years). They have recently received many telephone calls regarding Mis sold PPI and has been sent some documents to sign, authorising them to claim PPI on her behalf. I have been doing some research on here and read some of the threads regarding similar situations and wondered if someone might be able to add some clarity to this situation? (1) The correspondence received states that if she does not sign the new T&C's then she could continue with the old contract but this may delay the ending of the IVA agreement. Does this mean that the IVA company can hold off on her IVA closure until she does sign the new agreement or could this be just an idle threat? (2) Can the IVA company extend her term length of her IVA if they choose to? (3) She has complied fully throughout the current IVA agreement and by 60 months will have paid out £14K OF £17K debt. Is this acceptable? (4) Is it possible that the IVA company will hire a management company to claim the mis-sold PPI and charge it to her IVA account? (5) If the answer to (4) is yes, and there is insufficient funds available, will my friend be liable to pay their costs? (6) How will the IVA company know whether their clients have been mis-sold any PPI? Surely if their clients say they were not mis-sold anything that should be the end of it? We have SAR'd all her creditors and only a couple have paid nominal sums from mis sold PPI and the rest of them have said 'NOT MIS-SOLD', go away. We have advised the IVA company that they will not pay but they insist they want to chase it for themselves. Apologies for all the questions but she is seriously ill and the stress of it is not making her any better. Would appreciate any guidance or advice please.

Hi All, I'm hoping some one can help. My husband has an IVA and has done for 4 years. He regulary sends in his payslips as requested and they calculate how much of his overtime they require as an additional payment. The last time he sent in his payslips he received a letter saying no additional payment was necessary, but he had done quite a bit of overtime. So my query is will they request the amount later on and can they do this ? It's already been 2 months ago.

Hi, I wanted to know what the situation was with regards to selling our house whilst under an IVA agreement. Is this allowed. I realsie any monies would go direct to my IVA but do they allow you to seel the house in the first place?

hi i had an iva 20/12/2006 but was terminated and no payments were ever made to ip company as me and wife split up and ip said it was not worth persuing and people would again start chasing for money. long story short they didnt and now all remaining on my credit report is the iva dated 20/12/2006 i have been in touch with Insolvency Practitioner Unit but they refusing to remove from my file as not settled !!! can anyone offer advice please how to get removed as dont want to open up bag worms again many thanks lee

I was having difficulty with my debts which are around £12K. I am on benefit, and so I foned up Debt Free Direct to see what they could do. I am very upset that all they could offer me was an IVA - 7 years paying £130 a month. Naturally I had to sign up because I was getting constant harassment of one of my creditors Halifax who kept foning me up every day demanding money I didn't have. I am now wondering if the IVA really was the right solution; they didnt offer me a Debt Relief Order which is what I would have prefered. Is there anything I can do besides letting the IVA fail (which I dontwant to do because Halifax will harass me again). Very distressed by the whole thing; Debt Free Direct knew I was on benefits; I really cant see myself paying £130 a month for 7 years, especially as I could loose my benefits at any time anyway, they failed to take this into account. Because of being on an IVA no company would give me advice as I have rung around several this morning; they said the IVA would have to fail before anyone could help me!! NOT happy can anyone please help

Good Morning all, Can someone please help me? I can not find the section that gives help and advice etc on how to take on your creditors from an IVA. Can someone please post the link to that section -thanks in advance Regards Geoff

Hi everyone I need urgent advice. i am currently 2 years into an IVA and have been offered the opportunity of a working holiday in Australia. My boyfriend is emigrating and has been offered a job and a house and has asked me to go with him on a temporary basis to see how I like it. As I am under 30 I am eligible for a working holiday visa but how will this affect my IVA? I can continue to make my monthly payments as i have managed (by selling everything I own) to get some savings together. I am terrified that they will terminate my IVA and I will be left to sort out my debitors myself? I have trawled my agreement and the internet but can find no definitive answer. Thank you

I am considering an IVA and wanted to know if you have a ccj can you add that into the IVA?

Please could someone advise me about my issues. I've already spoken to CCCS and was told that my options were either bankruptcy or token payments. Background: Currently working part time and earning just enough to cover a "low" budget according to CCCS's standards. Had health problems, including hospitalised. Now I need to get into a career which will allow me to work for the next few decades. Debt: Approx £28K over 6 credit cards (highest is £6k, lowest is £2.5K) and 1 overdraft. I was advised that I need to be in a position to pay the debt off in under 10 years so CCCS won't sort out a DMP for me.In my case, what I really need to do it pay reduced for around 4.5years. Then I'll be in a position to be making larger payments. In 6 years I need to co-sign for a re-mortgage of the family house. Currently NOT in my name in anyway. All debts are on my file with Equifax and most likely enforceable. Question: At the moment the only attraction for token/DMP is that I can keep two credit-rebuilder cards to boost my credit over the next 6 years. However if I risk getting some random default say 3 years from now if the bank sees my CR file and doesn't like me using it, then my record is tarnished for 9 years, not 6! I also wanted the option of using the credit card due to the inherent protection against fraud, purchases over £100 etc. Eventually I was planning on CCA and SAR'ing all of them as I set aside money each month for postal orders. I should have made a thread on here earlier and forgone the waiting time for CCCS appt. On the plus side, I now now for certain that I'm not eligible for any benefits or support from the State. Questions below and in earlier paragraph with “question” in bold. Do you think the creditors will accept token payments until July 2017, higher reasonable payments thereafter and consider that a DMP and not default me? CCCS said that they aren't able to negotiate that kind of variable DMP at the moment. I'd of course be frank about my health issues, how I'm studying pt time then fulltime, difficulty finding more work at present etc. However CCCS said that the banks probably won't care about my personal circumstances nor accept a DMP on such a low level of repayment (without defaults on my record and/or passing it onto an agency. Agency might accept it though...). so...DMP, bankruptcy, IVA, token payments or what? Thanks

I entered into an IVA and since it started I have found that several of the debts have been sold to debt management companies. Does this mean that the debt is no longer part of the IVA? My IVA administrator to date has not replied to my messages.

Good Morning I currently have debt management plan and circa 50k of unsecured debt credit cards and loans. I have been paying into this for 2 years. I do not want this to run for 15 years I have recently had a child etc blah blah blah. I have started going through an IVA adviser and I am on the cusp of proceeding. I want to put a final settlement offer to the banks now that my income and expenditure for the IVA is finalised. I have not got the full amount that they will get on the IVA over 60 months but I can get around 80% from the bank of Mum and Dad... IVA advisor charges 4.5k over the term which is also factored in to the IVA I&E. As anybody been here or can offer advice before I send? Thanks

Hi a friend of mine,had an iva which was completed last month,she has since claimed for ppi charges totalling up to 2800.intially there was no issue,now shes been told,that basically halifax are keeping it as they had to write off debt. i only ask as if it was me i would be gutted,shes going to citizens advice bureau soon to see what she can do, if anything. i understand in a way the banks perspective, but surely if the iva was completed and paid etc, they cant refuse the request,the agreed to the terms beforehand. Thats like saying, any money she has they can take purely because she 'had' an iva. i do know where the banks coming from but still i claim ignorance here as im not totally sure how they work after its completed,interested if anyone has an idea?

I have a large amount of debts which I have been trying to tackle for a number of years. I am currently in an IVA with Payplan which is failing as I am currently employed in a private company who only pay SSP when you are off sick. Prior to arranging this IVA I informed Payplan that I have medical conditions which are a left clavicle joint injury which means I have a screw in my shoulder to hold my clavicle bone in place to my collarbone. I also have Sacroiliac joint injury on my right side which causes me pain and immobility especially when I am under stress, cold and exert myself too much through walking. Due to this I have been issued with a freedom pass as I have been informed that there is nothing they can do as the tissues have worn away from the joints. I also have a suppressed immune system which means I am susceptible to colds and flu’s I have been off sick from work on a number of occasions since starting the IVA, which was only started in April 2012 and could not pay the money into the plan due to my low salary therefore I have been informed that I am in arrears of £244.00. They have advised me that a Debt Management Plan maybe the best option due to the amount of debt which is around £56,000. I am concerned that due to that if I enter into any plans that I might end up in a similar situation of being unable to pay especially if I am off sick and only receiving SSP. I am not entitled to any benefits as I can work but encounter bouts of ill health from time to time and am currently seeking another position that does not operate the same sickness policy. Does anyone have any suggestions as I need to make a decision as soon as possible. Many thanks

I'm after some IVA advice Some of you may be aware of the ongoing saga of my troubles with Robinson Way. Well, it has now culminated in us having no choice but to try and get an IVA. We have a creditors meeting in the morning but our IP rang us this afternoon to tell us that all our other creditors have replied but RW have refused our proposal. The trouble is, we dispute the amount RW are claiming so how can they work out whether they hold 75% of the debt? Also, they have refused to supply our IP with evidence of the debt because they say they've already provided it to us (they haven't). They've already had an application for Summary Judgment refused (at the beginning of June) because the Judge said there was insufficient evidence for him to make a judgment and we have a date for full trial in October. Our IP is taking legal advice and said that there may be a chance that they can strike out their debt on the basis that they have refused to provide them with evidence of the debt. Any thoughts??

Asking the question as to whether PPI is reclaimable on some credit card accounts that were part of an old and completely satisfied IVA. I am unsure exactly which accounts the PPI was added to although I have card details and account numbers and wondered how I might find out and if it is possible to reclaim any PPI in these circumstances

Hi all, Hopefully someone can clarify this. I completed my IVA in November 2011 and am in receipt of my completion certificate. My query is regarding PPI claims post completion, I have subitted claims which have been up held and I have also received monies from these. Recently IP's have been advising their clients that they should complete a claim for possible miss sold ppi policies and any monies received with be split between creditors as it is deemed as an asset of the IVA. Completion certificates are also not being issued until this is completed. I was never requested to do this by my IP and received my completion certificate within a few weeks, I should also add that there is no mention of asset's bar property in my agreement. I had a claim up-held by egg earlier this year. They advised that they were off setting £1200 against exsisting debt, I advised them that i had completed my Iva and was in receipt of my completion certificate. Upon hearing this they advised that I could have all the monies. I also had 2 claims with barclays, the first one was upheld and i received a full refund with no off setting against the debt that was part of my IVA. The second however was not up held and has now gone to the ombudsman for them to make the decision. I have been advised by the ombudsman that if my claim is up held then barclays can decide whether to off set or not ?? There was only 2 days between notification of agreement to the first and not up held to the second. If my claim is up held can Barclays off set ????? It would not seem right that due to me having to wait a year for a decision that they can keep it all, where as if they agreed it in the first instance I would of received the money. I have also read on another post that they can keep the premium but have to repay me the intrest ???? really needs some clarification Thx in advance

Hi all I've had an interesting year, my business finally failed owing me £50k or so and just commencing divorce proceedings with the missus. I like a challenge! I have a new job and I'm starting to look at rebuilding my life, but the credit card sharks won't leave me alone! My credit cards are all pre 2007 so I want to challenge them, but my question is this. Can I still challenge the legality of a credit card agreement even if in an IVA? Thinking of going the IVA route just to get them off my back!!! Many thanks in advance. Trying to keep my eyes on the light at the end of the tunnel, but people keep trying to turn it off!

Our house was repossessed in 2011 (not necessarily our fault - see rapid property/phil martin threads) and a sale was recently agreed at £71k (joke) was recently accepted. We owe 82k at present, but don't know what fees the lender will slap on the total amount. We have not yet been advised of the shortfall or a lump sum offer as yet. Some people have said to not acknowledge the shortfall at all?? We also have a secured loan (balance around £7k) on the property, which have continued to pay throughout and are starting to really resent...would like some advice on whether we should just jack this off! At what point does the loan become unsecured? We have had no contact from the lender on this but if a sale has been agreed surely it is unsecured by default...? What action can the loans company take if we refuse to make any further payments? If we refuse to pay the shortfall and stop paying the loan, they can both slap a CCJ on us but what other action can they take? They can threaten bankruptcy but that would cost them and they wouldn't recoup anything from us... In total, we owe an estimated £35,000 including the above and really need to reduce our monthly outgoings. We are spending the bare minimum for a large family at present and are really struggling. Would an IVA be suitable? If so, at what point could we enter into one? Who should we go to? Is there a better option? Credit rating is already shot and don't want to apply for any in the foreseeable future anyway, so not concerned by that. We are currently renting, have next to no assets and my wife is in a career that may be adversely affected by a bankruptcy, so we would like to avoid this option if possible. Any advice greatly appreciated.

A friend did a lump sum full and final settlement IVA in 2006 through PKF. Since then, a CCJ has been lodged by one of the creditors, and others are still chasing debt and telling him that the debt is live and still owed. What are his rights in respect of this? Surely this isn't correct or legal? Thank you

Please help. I got into £65,000 of debt, various reasons that are not important now, my husband also has £20,000 debt. We have our mortgaged family home and a buy to let property, both of which are in negative equity although only by about £5,000. All mortgage payments are up to date. We both applied for IVA's, mine was accepted and my husband's refused so he went into a DMP. I paid £338 per month and he pays £100 from March 2010. I am self employed, my husband is employed. Shortly before it all went through I became unwell, had an allergy to the medication, had to have radio active iodine ... all this lasted a year during which time I couldn't work very much. This, coupled with the recession, meant I couldn't keep up the payments. I am two and a half payments behind. I spoke to my IVA company and to another company and read heaps and decided fail my IVA and to go bankrupt. I filed my petition on Friday and the OR rang me today to set up a meeting. Some things I didn't know: 1) I would have to pay my half of the rent to the OR and my husband would have to pay the mortgage. My half after service charge etc is £325 2) I work for a couple of companies where I do a job over 6-8 weeks, I have to tell them I am bankrupt so they can stop the contract at the date of bankruptcy and start again after that date. If I tell them I am bankrupt they are unlikely to give me more work (purely because of the nature of my work, although it isn't financially related). They currently account for two thirds of my income. 3) As the car is registered in my name I have to prove that it is a family car and that my husband contributed to it's purchase 4 years ago. It is clear that bankruptcy is totally the wrong option for me. I have since spoken to family members who can pay the IVA arrears and will fund the next 6 months while I get back on my feet work wise. What can I do? Can I cancel the bankruptcy and go back to the IVA Any advice welcome as I am out of my mind with worry. Thank you

Hello everyone, I have gotten myself into debt and am currently in the process of setting up an IVA with PayPlan. I just wanted some advice on if i am doing the right thing and also if there are any things i should be doing. Debts: Wonga - £768.49 Minicredit - £500 Payday 1st - £236.25 Quick Quid - £763.75 WageDayAdvance - £312.50 Natwest overdraft - £1000 Natwest Grad Loan - £3240 Natwest Credit Card - £3045 Gas bill from previous property - £257.49 Water bill from previous property - £71 Council tax arreas from previous property - £426 PayPlan have advised that an IVA is the best option for me, paying £130 a month. I have been advised to change my bank account. I am looking at which bank i should choose - any advice? I do not wish to go with HSBC. I am currently with Natwest. Are Lloyds good? I want to open a current account and savings account. Current account i would like the equivalent to the Natwest Silver as they offer phone insurance. I currently have a good credit rating (i know the IVA will damage this for 6 years). I have been ignoring the payday loan companies, i did initially email them informing them of my position and that i was unable to pay - not unwilling - and that they should contact PayPlan with my reference number. Wonga has repeatedly charged my bank account with various amounts in teh last week. I am currently shoing at £1000 over drawn ON my overdraft - i am assuming that this will bounce out again in teh day day or so as i do not have the amount they have charged in my account? I have made a token payment to my grad loan and will do so also on my council tax, edf and water bill. My main issue is that due to all of this i do not have the full rent this month. I have paid £200 - my rent is £650 - and i am able to afford £300 on my next payday 25th November, followed by the remainding (plus £50 charge) on my December payday. I am with Marques. Im concerned that they will be annoyed as my last months rent was late - but paid in full. I have drafted this email below, can anyone let me know if it is suitable? Good Morning Joanne, I hope you are well. I hope you recieved my £700 payment, i assumed you did as i had not heard from you. I wanted to inform you that i am currently taking an IVA to sort my other debts and will be much more finacially stable after this has been set up in the next week or so. However, in the meantime i have had a loan company remove funds from my account. This has resulted in me being short on this months rent. I have paid £200 to yourselves today under reference *******. At this time i am unable to pay the rest until my following payday. I will be able to pay you £300 on the 25th November (as well as that months full rent of course), leaving £200 (including the remaining £150 plus £50 fee) to be paid on my following payday. I will endeavour to resolve this before that date. But at this time i am not in a position where i can come up with any more money than i have paid to you. I know this is not ideal and it isnt acceptable but it is what i can do at this time. I have enough to pay the normal rent payments following this one due to my IVA. It is due to having gotten myself into a difficult position which i am now getting out of. If you need to validate my IVA set up and the problems i have had please do feel free to contact PayPlan on 08448552171, my reference number with them is: ******* My deepest apologies for this, i know it isnt suitable. I have gotten myself in a bad situation and i am sorting it out. Once i have set up the IVA i will be much more secure and this will not be a reoccurance. If you need to talk to me on the phone please call between 1 and 2pm when i am on lunch. Kind regards, Allana Any advice or thoughts will be greatly appreciated! x