cleardebt advised me to have a 'celebratory bonfire' with all our paperwork

[MelanieGiles]

I don't think that Heretoday's IVA has been completed yet, Cairo.

[Heretoday]

Mel is correct, my IVA is still open despite the fact that I made my final payment in January 2011.

[Cairo]

heretoday, if you don't mind me asking, why is that?

[Heretoday]

Because I have morals!

It is a long story but allegedly mis-sold PPI and the desire of a company to maximise profits from their "customers" comes into it.

[Cairo]

Heretoday, understood. I wonder if the original creditors will get to see it as they would have received the agreed level of payments from you over the years.

[Heretoday]

First: there is no Mis-sold PPI!

Second: the original creditors sold the debts.on so they only stand to lose further if a claim for mis-sold ppi was sucsesful!

[Cairo]

Heretoday, you would have thought then that the creditors should receive the funds (less interest) directly. But are you saying your IP brought the debt?

[Heretoday]

No, my original creditors sold the debt to a third paty. So the third party would stand to gain from a ppi claim, less the 35% for the claim managment company and OFC the IPs fees.

[fruitcake]

Aftfer reading what problemsother people are going through, just makes me feel there is no end to this misery!

[Foggy]

There is and end, Fruitcake! Just some delays upon the way -- just like any journey.

Take each stage along the road as it comes and don't get bogged down by imagined future events -- these might or might not happen. If they do they are far easier to deal with one at a time

Life in an IVA is by no means easy, nor an undertaking to be taken on lightly, but, in most cases, it is far, far better than the alternative of struggling for endless years just getting deeper into the mire.

Research and a good IP are key and we are always here to help, support and kick up the rear end if needed. It's not ALL doom and gloom --- think of it as an interest free five / six year loan that will get you totally debt free at the end (how many consolidation loans can achieve that !? ).

[Niobe]

Totally echo Foggys comments.

[Cairo]

its very interesting this selling of debts, you would not think someone would take on these debts, there must be good money to be made I guess

[12 months to go]

hi Fruitcake

again foggy has hit the nail on the head.

Yes anyone can have the odd hiccup on the journey and PPI issues did not exist 2 years ago and i suspect will soon be a thing of the past

Ive come through the other side and its the best thing i ever did, granted the odd issue cropped up on the journey , but just like life in general the odd issue crops uo there also

best wishes for the furture and be sure to use the forum for advice or opinions

[TheArtist]

Cairo, there will always be companies willing to 'buy' bad debt. It is a growth industry. The tactics they use to realise, the original amount and their profit is sometimes questionable, but of course, sometimes they do get bitten on the backside when their debtors enter an IVA and they dont even get their original amount back let alone profit. Some people would say 'it serves them right'. And I'm one of them!

[Niobe]

Every one of my debts was sold on - the original company can write it off as a bad debt and the company that buy it usually do so for a very small amount so they usually end up making a profit.