Own property, debt, is IVA a solution?

[TwoTicky]

Hi I owe around £60k to approx 8 different companies in the form of loans and credit cards.

 

I have been chased for these debts for a number of years and have CCJ's.

 

I am only just in a position to start paying something (my ex left me in the lurch previously).

 

I own my own house and I own another which gives me a small rental income, both houses are in negative equity.

 

I am looking into what would be the best solution for me, I am thinking an IVA. Has anyone got any advice as to a way forward for me.

 

Regards

 

Penny

[sequenci]

An IVA could potentially be an option. What are the chances of the properties' values increasing over the next 4/5 years? It could trigger an equity clause.

[TwoTicky]

One of them, not a chance - the other maybe!

[TwoTicky]

I have had a look at my credit file and a couple of the debts are not on there including CCJ's. is there any reason for this?

 

Even if creditors do not have a signed CCA for dates prior to April 2007, would I still have to ensure they are included in an IVA. I am wondering whether some of these debts are enforceable.

[BRIGADIER2JCS]

I have had a look at my credit file and a couple of the debts are not on there including CCJ's. is there any reason for this?

 

Even if creditors do not have a signed CCA for dates prior to April 2007, would I still have to ensure they are included in an IVA. I am wondering whether some of these debts are enforceable.

 

 

All defaulted accounts are removed from CRA files on the 6th anniversary of the default date Paid or Not.

Public record entries (CCJs) are also removed.

A CCJ does not expire and remains in place.

 

 

Other debts may be statute barred i.e. there has been no payment or unequivocal written

acknowledgment of the debt in 6 clear years.

 

 

Have you sent CCA Requests to these creditors for the debts pre 2007?

[TwoTicky]

About 4 years ago I requested CCA's from Barclays who sent a generic agreement, not a copy of the original and interestingly they didn't pursue a CCJ, however MBNA sent a copy of the original and now have a CCJ and are pursuing a charge on my house.

 

I'll check the rest.