Loan Garentees

[suzz]

Hi
Just a quick question I am currently in an IVA and a company I was involved with before the IVA has gone or is likely to go bust and there appears to be two garentees for loans taken out by it one to barclays and one to a finance company icfl both of which are pursuing through the court. Barclays have issued a judgement notice of a charging order to be heard on 31/01/08.
My question is as there is no equity left in the property due to the terms of the iva what is likely to happen a) with the iva, will it fail? b) will I then be declared bankrupt?
Thanks Mr. Suzz

[Adam Davies]

Hi
You need to contact your IP as a matter of urgency and update them.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

As you are my client, I am currently dealing with this directly with the solicitors concerned. As you did not advise me of these contingent liabilities at the time the IVA was put together it is causing some difficulties, but I will disucss this directly with you off-line in the New Year.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[suzz]

Melanie thanks for your reply, I have one question to ask, do I need to seek the advise of a solicitor as the loan guarantee's are joint and several, and these loans as I understood them where secured on Property not our property.
Mr. Suzz

[MelanieGiles]

Not just yet - let me deal with the solicitors firstly and we will no doubt speak when I return to work. In the meantime it would be helpful if you would send me a potted history of how you came to be a guarantor of these debts, and what liability you felt that you had to them prior to the IVA.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[CUMBRIA1]

Suzz,
Researching for info on the company you refer to in your post ICFL.
A word of warning, do not let them talk you into borrowing any money or anything, they are corporate loan sharks.
Do you have a contact number of the firm you have the IVA with? We are considering a group action against ICFL and require all the ammo we can get.

[butterflies]

Hi just like to know if CUMBRIA1 is still looking in.


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