IVA was accepted, forgot to include storecards

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Post by wyn » Tue May 29, 2007 6:03 am
Hi my IVA was accepted on the 29th March 2007.When i applied for my IVA i forgot to include 2 of my storecards. These companies are now chasing me for over £700 can i include this money in the IVA or do i have to repay it.


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Post by MelanieGiles » Tue May 29, 2007 8:32 am
Hi wyn

You will need to inform your IP about this omission, and he can then see if these creditors will be prepared to join into the IVA proceedings. What a shame they were missed out, and do be sure to also let your IP know if there are any other debts you feel you have missed. If the creditors do agree to be included, you may well have to make additional contributions to ensure you return the dividend originally pledged.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner


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Post by iva_squirrel » Tue May 29, 2007 9:22 am
Good morning,

You have been in your IVA for two months and I am sure your IVA process was about 6-8 weeks. It is a shame that these 2 store cards have not sent you statements or chase letter during this time.

If you fail to disclose all creditors this can jeopardise legal agreements that you make with your creditors. As such you must tell your IP immediately if you have another creditor to add to the ones IP already knows about.


For more information about IVAs, please visit my website:
Last edited by iva_squirrel on Tue May 29, 2007 11:19 am, edited 1 time in total.


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Post by Oliver » Tue May 29, 2007 10:41 am
It shouldn't be too much of a problem for your IP to include these debts in your IVA but as Melanie says, it's likely that you may have to make some additional payments at the end of your IVA to make up for the increased debt.

Best Regards

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
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