Get your IP to send you the exact wording of this provision and where to find it in either your IVA proposal or the associated Chairman's Report, so you can understand why they are telling you how the additional monies are to be dealt with.
I've read it again & all it states is that it follows standard IVA procedures as set out by the IVA forum (revised in 2012.) There's no specific mention of overtime in the actual proposal, but having read that document, the 110% figure is in there.
The figure itself is not actually part of the chairman's report either, it was just included in with that paperwork when I received it! Bit confusing!
Wow, reading this brings back some dark days! Almost 6 years on, everything went amazingly well. Getting used to not having credit took a while, it had always been there as some sort of comfort blanket.
What also took a while to get used to was actually having money for myself left when I’d paid everything. Not much, but enough to finally feel a weight slowly lift. Not having to rely on firing up plastic, actually saving up if I really wanted or needed something & knowing I’d worked for it was a really liberating feeling.
After 3 years my decision to pursue an IVA rather than bankruptcy did sting a little I’ll admit, but I had a lesson to learn & I feel I’ve certainly done that so I wouldn’t do anything differently if I could go back to then.
Anyway, roughly a year ago I got a call from my IP offering me an early settlement loan. It made zero sense to me whatsoever at the time & I actually thought it was a wind up at first. The pro’s were, no more IVA restrictions, no more I&E every year, having one single payment that would never change til it was done. The cons were a couple of months extra payments to cover the interest as the loan payment is literally £2 a month more, it’s made no difference to my outgoings. I was unhappy at work & wanted those restrictions off my head so I could seriously start looking to rebuild so I took it, still completely unsure if I was doing the right thing.
Got my completion certificate within 2 months of it being accepted & while it felt really nice, it was slightly tainted by the loan being in place as it didn’t actually feel over as such, just partially settled so to speak(!)
Almost a year later & I managed to get a new job, which I love (& pays a lot better so had I still been in the IVA I’d have paid more than the loan) found a lovely girl & this month I’m paying off my loan early, barring any catastrophes.
Had I not found this place during my most desperate times, I’m not sure it’d have worked out so well.
Any advice on what to do next? My credit rating needs to be rebuilt somewhat, where should I start?
And in a few of my last blog entries ( link in my signature block at the bottom of this post).
It is good to hear that the cost of this early exit option isn't too far removed from the cost of completing the IVA, which would easily be countered by the advantages of relative "freedom" and, in your case, the ability to enjoy your improved circumstances without the IP looking over your shoulder.
Good to hear that life, in general, is on the up.
Onwards and Upwards
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yeah I’d never have taken the settlement loan if I’d been happy at work, I’d have just let it play out as it has but it felt like it gave me an opportunity to start to rebuild a bit earlier which thankfully seems to have paid off.
I’ve been checking my credit reports since my completion, obviously aware that the 6 years are up in August & while the vast majority now show as settled on the date my IVA commenced, 4 of them are still sending me statements every 6 months. 2 Max Recovery & 2 Barclays. I emailed a copy of my completion certificate to Max Recovery & they’ve said they’ll update their records as they weren’t aware.
The Barclays ones show up differently, 1 has a settlement date of September 2012, the other has the exact same date but 2013. I’m assuming this means they won’t drop off my report when they should?
Yeah I’d never have taken the settlement loan if I’d been happy at work, I’d have just let it play out as it has but it felt like it gave me an opportunity to start to rebuild a bit earlier which thankfully seems to have paid off.
I’ve been checking my credit reports since my completion, obviously aware that the 6 years are up in August & while the vast majority now show as settled on the date my IVA commenced, 4 of them are still sending me statements every 6 months. 2 Max Recovery & 2 Barclays. I emailed a copy of my completion certificate to Max Recovery & they’ve said they’ll update their records as they weren’t aware.
The Barclays ones show up differently, 1 has a settlement date of September 2012, the other has the exact same date but 2013. I’m assuming this means they won’t drop off my report when they should?
The settlement date (or, indeed, the status) doesn't matter over much. The important date is the date of default. which should be on or about the date of the start of the IVA. The defaults will drop off 6 years after the date each default was originally lodged.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
No, they should all read August 2012 (as the others all do) yet the 2 Barclays ones show as September 2012 & 2013. September 2012 I'd just leave as it’s only a couple of weeks but an entire year later is completely unacceptable.
Annoyingly I’ve only just noticed the 2013 date or I’d have taken action straight away.
TotalMoron wrote:No, they should all read August 2012 (as the others all do) yet the 2 Barclays ones show as September 2012 & 2013. September 2012 I'd just leave as it’s only a couple of weeks but an entire year later is completely unacceptable.
Annoyingly I’ve only just noticed the 2013 date or I’d have taken action straight away.
There is a template in my article.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Is there anything in particular I should send them? My completion certificate only has the completion date on, not the commencement date & i’m no longer on the insolvency register.
Have to say it’s staggering that in 2018 you have to send a physical letter to Barclays to get this stuff sorted.
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
Foggy wrote:To amend the date of default you need to send them evidence of the start of the IVA -- usually copies of the Chairman's Report and the Proposal.
Gah, I’ve just sent it today & only included my completion certificate.
