IVA review

[Ian71]

My IVA is coming up to its first annual review. If I have spare money each month and save it. Will they increase the payments? How could you get around this increase? Get cash back at the shops each week or?

[The Tech Clerk]

Hello would you give us mote details as to the whole picture events etc what it for etc?

[Ian71]

I want to save in case I have a large unexpected expense. Such as needing a new fridge or cooker. Also towards maintenance and repairs for my car. Buying Glasses and clothing. I just want a cushion. I claim ESA and PIP benefits. My PIP benefit is set aside for adult care. It says on the IVA.

[Roger]

"..An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors..."
Sadly you will find that these schemes are partnered with Banks and Debt purchasers..
In my own Case the Banking crisis wreaked my business and income so I set up a personal IVA with my then Creditors.
This to repay MY Debts!
This was before coming to this site!

Let me explain the Law penalises the Debtor in as much as your Credit is trashed for six years this Credit is shared and shown in the various Credit Reference Agencies.
But there is also another Debt clock that of the Statute Barred which is restarted for every acknowlegment of this Debt. Thus each monthly payment restarts your 6 year (5 years in Scotland) Statute Bar clock.

The Consumer Credit Act 1974 is to protect you the Consumer. There are many reasons why a Debt may be Unenforcible under that Act plus a great deal of Case Law that has grown up over the years (and is still growing).

The AAD way is that You not your Creditors take control over your MONEY and your life! This is through the LAW.

You are NOT alone or isolated many of Us with AAD can share your experiences and anguish over Old Debts that has probably been written off in Law years ago!

The AAD approach is through the Diary format! We ask you to give us a little more back ground, by starting a Diary,
just list your debts as follows making a separate post for each debt, this helps us keep everything in place, and easier for anyone to see what has been said and maybe they can help further.

• Type of account - Credit card/loan/overdraft
• Date commenced - when 1st opened
• Approx balance -
• Date last 'full' payment -
• Arrangement -
• Status - defaulted / AP/ not paying
• Account owner -who is chasing for payment.

As a Consumer you have a Legal right to ask for a copy of the Agreement under S.77/78 (plus £1) CCA 1974 after 12 days the Debt becomes UE until an EN agreement has been sent!
The site has a template letter for this purpose https://all-about-debt.co.uk/forum/d...mplate-letters.
Any CCA documents received should be sent unredacted to Niddy (site owner) at webmaster@all-about-debt.co.uk

Welcome to AAD!

[Ian71]

I'm not looking for a way to challenge any IVA that was granted. All of the debts were quite recent. I got to a point whereby I couldn't meet the monthly payments. So I applied for an IVA before any threatening letters or bailiffs turned up. Each month I now have to pay a small amount compared to how much I owe.

[Roger]

I'm not looking for a way to challenge any IVA that was granted. All of the debts were quite recent. I got to a point whereby I couldn't meet the monthly payments. So I applied for an IVA before any threatening letters or bailiffs turned up. Each month I now have to pay a small amount compared to how much I owe.

The S.77/78 (plus £1) is a Consumer's Right NOT a Challenge!!!!

This is what I myself did. My IVA didn't stop the debts from being defaulted. Didn't stop the debts from being sold. Didn't stop me from being sued.
My IVA would have taken more than 20 years and I bereft of any surplus Money.
My yearly report to Creditors was my Income hadn't changed but Outgoings had gone UP.

What I came to realise was that I wasn't protected by the IVA. That actually each Debt was different. Each Case is different.
My real protection actually was knowledge of each individual debt and their Achilles heel's.
From knowledge came control over my finances.

I also learned that to my Creditors I was a good long term investment.
The Old Debt written off for Tax purposes and likely sold for pennies in the pound.
My Credit trashed for 6 years and leaving me living on the poverty line.

The Diary approach to each Debt is your path to controlling your Life and finances.

[nightwatch]

what Roger is trying to say is, with an IVA, any extra money you have will be expected to service your debts.
it is not designed to allow for real life problems.
also the owners of the debt still have the ability to do the same things you entered into the IVA to stop,just that it has to go to court and they have to win, before any bailiffs can come to your property.
are you expected to show bank statements to proove income and expenses?

where as a self managed arrangement, could give you the chance to put savings to one side.
you will be asked to fill in an income and expeniture form, but you are not required to, nor do you have to send bank statements to proove it.

does that make it a little clearer for you