Your IVA seemed like the perfect solution when it began, but now it's failing. Will you be back to square one and have difficult creditors to deal with? Or could you even be made bankrupt? First, there may be ways to rescue your IVA An IVA failing may not be a disaster, for some people there are better options! That's what the rest of this article looks at. But don't assume nothing can be … [Read more...]
Articles about IVAs
If you would prefer to see the important articles grouped in a helpful way (what to read before agreeing to an IVA, problems that happen in an IVA etc), you will find Debt Camel's Guide to IVAs useful.
IVAs are great options for some people, but they are too often "sold" as an easy, affordable option to people who have better alternatives for sorting out their debts. Do your research!
On 5 October, the FCA wrote a Dear CEO letter saying: We have undertaken a review of a small sample of debt advice provided by Debt Packager firms and are very concerned about the poor standards we have seen... The FCA then asks the CEO to review: your quality of debt advice; the firm’s identification and treatment of vulnerable customers; financial promotions, and systems and … [Read more...]
Here is a PPI after IVA issue to disentangle: Mr S wrote: I had an IVA which failed after two years more than 10 years ago. After it failed I had a CCJ and a debt collector contacted me. I cleared both of those debts and then worked on repairing my credit score. I’ve now had a successful PPI claim against bank X but they won’t release the cheque to me as I was in an IVA. I have found out … [Read more...]
If you can't make the payment to your Individual Voluntary Arrangement (IVA) this month, don't panic! There may be options for you to cope and get your IVA back on track. This is very common - five or six years is a long time for everything to go smoothly in your life. It is difficult to generalise about IVAs because they really can be "individual". This article looks at the sorts of … [Read more...]
If you are struggling with your IVA payments, you may be wondering if you can switch to a Debt Relief Order (DRO). Your IVA may have been sensible when it was started, but a change in circumstances (pay drop? new baby? separation?) may now be making it hard to afford the payments. Or perhaps a DRO would always have been better than an IVA for you - quicker, cheaper, less risky - but no-one … [Read more...]
A reader who has settled his Individual Voluntary Arrangement (IVA) early asked: My IVA is still showing on my credit history. The start date was January 2014. I have been removed from the Insolvency Register. I have now [mid 2018] been told that I have to wait for another 18 months before the IVA will be removed. Is that right? I am sure you have heard it all before but none of this was in … [Read more...]
A reader, Mr G, asked: I’ve had a lot of overtime recently covering for someone at work who was very ill. This has come in handy as it coincided with my wife’s maternity leave and the extra expense of a child. Will my IVA expect me to pay them the overtime money after my annual review in a couple of months? Overtime and IVAs As with many questions about Individual Voluntary … [Read more...]
Cars on finance can be a difficult problem if you are thinking of an IVA or already in one. And with more than a million cars a year in the UK being bought on finance, this is an increasingly common situation. It can make a big difference if you are leasing a new Range Rover or if you have a 5 year old small hatchback on HP! You will need to talk to your IVA firm about your particular … [Read more...]
A couple of readers have asked about a letter they have received from ClearDebt about their IVA which finished years ago, so I guess a lot of people are getting a similar letter. Here is one of the comments: I started IVA in 2007 and completed it in 2012, getting my completion certificate. I've just had a letter from Clear Debt who was one of many companies handling the IVA as we were being past … [Read more...]
Which are the best IVA firms to talk to if you are interested in an Individual Voluntary Arrangement (IVA) and whether it is a good debt solution for you? If you put IVA into Google, how do you decide which of the tempting see how much of your debt you can write off links to click on? Or you could choose the person that cold calls/texts you telling you about a little-known government … [Read more...]