Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
i believe its the creditors fault, one of them was a loan for 11k, but after i missed 3 payment. they rushed into CCJ and claiming 19k !! due to the small print !! i was shocked, 8k extra because they failed to explain to me what is the rate and the late payment fees,etc,,,
people, do you really think its fare !!! i personally i think the play dirty, and the deserve the same
the other one was MBNA card, i had a limit of 5k, and they increase my limit to 15k( without me asking them)
Last edited by ivavix on Tue Jan 05, 2010 7:04 am, edited 1 time in total.
It is not just the Creditors fault I am afraid. We all need to take responsibility. We all borrowed the money regardless and in good faith with the intention of paying it back and if this windfall clears your debt in full then you should be happy. And also remember that it is your duty to read the small print.
I would not go down the road of trying to hide this because if you do believe me it will come back and bite you on the ***
Contact your IP, explain your situation and they may take less but honesty truly is the best policy
ivavix, I'm really sorry but it seems to me that you really don't like reading the small print! when taking out loans we sign on the dotted line we sign to say that we accept the terms and conditions of the company in question lending us the money, if we are not happy with the terms and conditions then we don't sign and we don't get the loan - simple!
With an IVA you made a proposal to your creditors which they accepted and you again signed on the dotted line (Chairman's report) agreeing to the terms and conditions of your IVA - I believe that one of the standard terms and conditions of an IVA is that if you do receive a windfall you should pay it into your IVA.
I don't believe in mincing words and I usually say what I mean - so here goes - some of the people on this forum got into debt because of unfortunate circumstances, others (myself included) got into debt because we lived beyond our means - noone held a gun to our heads and said you have to take this money and spend it or I'll shoot you and just because MBNA raised your credit limit to £15K it didn't mean that you had to use it. We are all adults and know right from wrong, the majority of us here borrowed money with the intention of paying it back - by my creditors accepting my IVA I feel that I can hold my head high and be proud in the knowledge that I am doing everything possible to pay them back and rectifying my mistakes and in the process learn how to budget and use money sensibly.
that will happen simbel believe me once youve spent 4 or 5 years in a iva you will learn the correct way to budget.which is a blessing, a hard way to learn but it works.
Last edited by MRBLUESKY on Tue Jan 05, 2010 3:03 pm, edited 1 time in total.
I for one certainly should have stopped spending a few years before I went into an IVA.
A windfall comes my way I'll willingly pay off my IVA 100% plus fees etc., as I'll be still starting again with a clean slate and it'll be up to me to build up my credit rating again.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
JB1520 well done for completing your IVA successfully - but I don't think spend spend spend should be high on the list of advice to give out to others currently in an IVA - I don't know and this is one for the experts can someone get an IVA more than once!!
I'd be upfront and tell your IP. I'd be too busy looking over my shoulder to really enjoy the money.
Can you honestly say that when taking out this debt there wasn't a little voice that you pushed to the back of your head saying "I shouldn't be doing this!"?
An IVA doesn't take away your responsibility.
That is a very poor attitude to take. An IVA is a 2nd chance for the majority of us and believe when I have completed my journey it will be more like save, save, save. Spending is what got us all in to this mess in the first place and secondly do not keep quite to the IP.
If you receive a windfall then you are duty bound to hand it over and I for one would be grateful if I had as it would enable me to clear my debts in full which can only be a good thing.
Not good advice to tell people to keep quiet about anything. You should not be saying that JB1520.
Whilst I will enjoy having the extra money once I have finished, I won't be going stupid with my money.
If I had a windfall then I would be declaring it to my IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It would be a criminal offence not to declare a windfall and should not be encouraged. In addition, had the client not been in an IVA he would have used the money to repay his debts anyway so why not do it now? An IVA is a second chance and a compromise with your creditors. It is not a scam or a way to avoid paying what you owe.
You can do more than one IVA although creditors may want good reasons for a second IVA such as a failed business. There is no automatic bar but a second bout of 'Spend, Spend, Spend' may not be acceptable to your creditors.
Absolutely right Rayb - any way you look at it - it is wrong to keep quiet and not tell the IP about your windfall and obviously a criminal offence (from what I have been told.
