Anonymous
Anonymous asked in Business & FinancePersonal Finance · 8 years ago

IVA??? does it need to be recalculated?

My wife set up an IVA 2 years ago as she was having trouble paying off 3 credit card companys for around £22,000, the IVA was set up over 5 years, it has now come to light that 2 of the credit card companies have agreed that my wife was unaware she was paying payment protection, and to date my wife has been awarded £4559. From one of the companys and was told to pay it off the IVA, we are still awaiting the results from the other credit card company to how much she will be getting back. Am i correct in thinking that the current IVA is incorrect due to the fact my wife should not have be paying the payment protection in the first place and the IVA should be recalculated without the payment protection, instead of my wife having to pay the £4559 straight off the IVA, bearing in mind that due to the fact she was unaware the payment protection was in place, the amount of monies oweing would have been far more managable, and my wife could have managed paying off the moneies owed without the need of an IVA.

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  • Linda
    Lv 6
    8 years ago
    Favorite Answer

    Credit card debts should be settled in order to maintain good credit score and rating. There are several ways of settling credit card debts. Determining which works best for a certain situation is beneficial for the individual having the credit card debts. Most debt consolidation companies and services provide terms and conditions that prospective customer can look into to determine if the services are beneficial or not. These service companies also provide customer support for inquiries and concerns.

    Source(s): http://www.creditcardshelplines.com/credit-card-de... - Credit Card Debt Consolidation Services http://www.iva.co.uk/guide_pros_and_cons.asp - IVA Pros and Cons
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