Hi
Good point Foggy, however my understanding is that once a debt becomes part of an IVA most creditors will allow provision for the total debt to be written off their balance sheet.
Regards
That's an interesting point, Andy. I have heard that when they sell on "bad debts", as they often do, they go for pence in the pound. So, if they have already cut their losses, it's often worth a try. Not something they'd shout about though.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for the replies. From what i gather it sounds like it wont hurt trying so i think i will be asking ip tomor. Hopefully i dont get laughed at down the phone. Lol. I have just recieved a letter from one of my creditors saying they have sold the debt off to another company so hope that goes in my favor. Thanks for all the advice and i will post what happens tomor.
Thanks for the replies. From what i gather it sounds like it wont hurt trying so i think i will be asking ip tomor. Hopefully i dont get laughed at down the phone. Lol. I have just recieved a letter from one of my creditors saying they have sold the debt off to another company so hope that goes in my favor. Thanks for all the advice and i will post what happens tomor.
Many of our debts have already been sold on, God knows who to but a lot of our accounts are showing as settled on our credit reports!!!
Morally I wouldnt have any problem offering an early settlement if the money was available to us(I wish).
We had always paid our debts on time,every time for many years.
When I became ill and had to leave work we tried to negotiate lower payments with our creditors but it was like hitting a brick wall.
We then went on a dmp to see if the professionals could negotiate freezing interest and charges but that also failed,the charges were getting ridiculous and we had no choice but to go for an iva.
During our negotiations to sort out a payment plan I was asked for proof from my creditors to show I was incapable of working,which my GP was appalled by,why would I just walk out of a very well paid job??? They were basically calling me a liar!!!
When we were organising the dmp two months payments were missed on our accounts and the phone calls and letters started flooding in.
The calls ranged from polite to downright nasty and were never ending. I was extremely unwell at the time but no matter how many times I told them this it just never registered with them and they all became relentless in pursuing us for our debts. I do believe this exacerbated the symptoms of my illness which my doctor did agree with.
I am a very moralistic person, but I would make an exception with our creditors.
The way I was spoken to during those 2 months setting up the dmp will haunt me forever,I had the stress of losing my job,my livelihood, coping with an illness and having to listen to these people grinding me down.
So if I could get the money to offer a full and final I wouldnt for one second stop to think about the debt we owe.
Will we ever get credit again-hell no, wouldnt give any of them the pleasure of taking our hard-earned money,with interest,ever again.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Not good at all Andrea ! To be honest there is only one of my creditors ( as it happens the largest loan) that I want to repay as much as possible. They were great as lenders and even phoned me prior to my meeting to wish me good luck! My second largest could, for all I care, go deep down to a very hot place filled with demons! Unfortunately they are benefitting from my wish to pay my "favoured" creditor, otherwise I would have chosen BR !!!
C'est La Vie
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Not good Andrea and I understand how you feel - I have had 5 months off out of the last 12 and was on 1/2 pay but not one of my creditors wanted to help us over a bad patch. However, in both our cases then there would be a valid reason that the IP would put forward to end the IVA early. Personally I think that's the big difference on this thread.
If dazza succeeds then brilliant - and it boost us all as I would be looking for a slightly well off relative to pay my debts off (just got to find one first!!).
Same here - no-one knows apart from my bestest mate who doesn't judge people. That's where my plan falls down! Still I live in hope of ill health retirement!
