Creditor problem

[arsenalfan]

Hi,

I'm slooowly getting my way through getting my IVA sorted, but I've got a problem with one of my creditors. Basically, I was director of a company that went under, but amongst my debt I had personal guarantees on two vehicles with Lombard.

Basic situation is that total value of the agreements was ~£40k, but this was before the vehicles were reposessed and sold off. One vehicle was sold, reducing the debt by £20k, but the other was never collected by Lombard, and I believe now to be stolen as no-one seems to know where it is.

The company was put into the hands of administrators, and I handed over keys to all the vehicles, and told them of their locations. I know that it took over two weeks for the first car to be picked up.

As soon as the company went to the administrators, I washed my hands of it, as the cars were on company property. I didn't have any authority to do or say anything else.

However, I am now lumbered with a debt to Lombard of around £20k, when really if the other vehicle was collected and sold in a timely fashion (even at a knock down auction price) should be in the order of £10k.

Who has responsibility here? I did everything that was asked of me by the administrators, and they claim that they contacted Lombard repeatedly to collect the vehicles.

I don't see why I should have to pay back any of this £10k that was lost (literally), as I did everything by the book. But I've got a sneaky feeling that there's going to be some fine print somewhere that means I am going to have to...

Any advice gratefully received.

[chris.g]

Did you get a reciept when you handed the keys over? If you did then this should prove that you were no longer liable for the cars.

[arsenalfan]

I've got emails between the administrators and all directors involved that state they had the keys and were chasing Lombard up. Will that be enough do you think?

[MelanieGiles]

Whose responsibility was it to care for the vehicle, and was it still there when you handed the keys over? And surely the vehicle was insured if it has been stolen?

You may be able to claim some element of mitigation, but does it really matter if you are entering into an IVA in any case?

[chris.g]

Should be a start, I guess what you will need to do is make sure you keep the emails safe and not deleted!!!!!!! Sort out the agreement and have a good read, if you still have it. Maybe one of the experts might be able to advice you on the small print stuff. Do you already have a company lined up for your IVA?