creditor is to apply to court to overturn the IVA

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guy.m

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Post by guy.m » Wed May 07, 2008 6:22 pm
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An IVA was taken out in 2006, and we have kept to it.A creditor, (car loan) was not included in the IVA at the time to keep the car for work, but has now been added to the IVA, but the creditor has decided to apply to court to overturn the IVA.Where do we stand? We have offered to revert back to the IVA as it was, and continue to pay the creditor as before.
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MelanieGiles

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Post by MelanieGiles » Wed May 07, 2008 6:58 pm
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Hi guy and welcome to the forum

Why was the loan not included in the IVA - and have you been maintaining payments on the loan until now? Technically the creditors are already bound by your IVA in any case, and they are rather late in bringing a claim for material irregularity. I would leave this to your IP to deal with, as there are legal issues to resolve and it is difficult for us to advise here without full details of your case. But I would not worry unduly.
Regards, Melanie Giles, Insolvency Practitioner
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