Hi All,
Hope you can help on this.I am 3 months into my Trust Deed,I have had a letter from Capital One saying that they have been told about my IVA? (is this the english term of trust deed?) Anyway it's a bit worrying what they have said at the end of the letter, here goes.
YOU SHOULD BE AWARE THAT IF WE TAKE YOU TO COURT AND GET A JUDGEMENT AGAINST YOU REQUIRING YOU TO PAY US THE MONEY YOU OWE US UNDER THE AGREEMENT, YOU MAY HAVE TO PAY US BOTH THE AMOUNT OF THE JUDGEMENT AND INTEREST UNDER THE AGREEMENT ON ALL THE SUMS OWED BY YOU AT THE DATE OF THE JUDGEMENT UNTIL YOU HAVE PAID THESE IN FULL. THIS MEANS THAT EVEN IF YOU PAY OFF THE WHOLE AMOUNT OF THE JUDGEMENT, YOU MAY STILL HAVE A FURTHER SUM TO PAY.
It also says that the bank will not take me to court whilst the IVA is in place, does this mean that they will after my trust deed is complete? Is this IVA stuff different, the last thing I want is to be taken to court after my trust deed. Any advice would be great.