www.iva.co.uk

Hiya, I need some advice.
I have been in an Iva for 4 years and to be honest I feel a bit conned.
Here's why, I had debts of £23,000 I couldn't pay so I did not go BR who j would have been quicker and cheaper I paid I to a iva.
But now a person who I know says that I shouldn't have done either and just moved house and ignores my creditors for 6yeara as after this time Debt disappears from your credit record and you are free without paying a penny.
And he seems to be right,he has ignored his creditors and says he Intends to apply for a mortgage after 6 years (his previous house was repossesed).
I on the other hand will have to declare that I have had an iva and have no hope of ever buying again even though I can afford it.
Who's right here and what's the consequence for my friend who's ignored his debt??

Hello, hopefully you have time to seriously think about this. It is morally right to repay debt or as much as you can from what can be realistically afforded.I have just completed my IVA and it has been difficult but i feel I have made the best efforst to repay what I borrowed based on income and other outgoings etc. Debt doesn't just go away I am afraid. Your friend is proably incredibly optimistic and woefully ignorant. If you have unmanageable debt then seek professional help . Good luck with whatever you decide.

Your debt will be clear and you can look over your shoulder. The six year rule does not apply to people hiding from debt so he dcould eventually be caught.

I would imagine, with a repo on record he will not find it easy getting a mortgage --- mortgage lenders do not just rely on credit references -- they talk to each other and have their own databases.

Here's the good bit...let's say he gets his mortgage, or even just rents, gets his council tax bills etc. His debtors then find out where he is and start taking action to recover the ever increasing debts.
He either has to keep moving, leave the country or face up to his debt.

The 6 year rule does not apply to mortgage shortfall, it is 12 years so as OPs have said it is a long time to be looking over your shoulder!

under statute it's 12 years for mortgage debt and they add the interest!