Hi, Have been in an iva for 3 years now. Last year sunny loans went bust and sent me an email stating that no more money is owed. I sent this email to my iva company, now I have just had an email saying that Provident are now clearing my debt, if which I have forwarded to the iva company. Could anyone tell me how this effects my iva and payments etc. Thanks in advance.
It, generally, will not affect your IVA or your repayments. what will happen is that the remaining creditors will get a share of the written off loans dividend. And,so, they will get more of their debts back. It would only affect you directly if the written off loans were large enough to result in you paying the full remaining debt, fees and possible statutory interest already, in which case the IVA would end early.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you borrowed from Provident for a long while, you can make a claim to the "Scheme Of Anrrangement". Any refund will go to your IVA but if it is large and your debts arent that big, it may mean your IVA would end?
