Hi. We were struggling with our IVA payments. We were given a 'year off' & our payments renegotiated. However, after 4 years (including the year off), we failed a payment & our company told us that we had failed. On contacting the charity who originally set us up with the company managing our IVA we were told that they couldn't offer further help until we received our paperwork stating the failure of the IVA..nearly a year later, we've still not received it! We don't know what the best next move is? It's great not being hassled for money but obviously we want to get everything over with. Is there a time limit when the whole mess will be written off? We don't intend to pay any more & would sooner choose bankruptcy rather than pay the credit/loan vultures any more money but simply don't have a clue what happens next or what our best next step should be.
Speak to your IP company and ask them what on earth has happened.
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
Check register and see if you are still on there. I am not sure of the statute of limitations for pursuing a debt, sure a more knowledgeable member will have that answer.
However in bankruptcy you will most likely still have to pay 3 years of payments towards your debt similar in level as to an iva drawn now in your current financial situation.
Going back to your comment about bankruptcy - if you opt for that then the chances are, dependent upon disposable income, that you will pay and Income Payment agreement for three years which will go to your creditors.
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
Are you still on the register? Ask your IP what the position is with your IVAs and ask for a copy of the latest report, which you should have been sent.
If the IVA is still going put forward a variation that payments to date are accepted in F&F settlement. if its failed you need to consider your options, which may include Bankruptcy but will depend on your overall financial picture.
i.e what do you do for a living, how much are your debts, what assets do you have, how many creditors do you have, what is your disposable income etc
