Hi,
I made made a loan (with a loan agreement completed) to an individual who has an IVA. I was unaware of the IVA at the time the loan was made. He is now due to repay part of the loan - is there anywhere I can find out who manages his IVA and the total outstanding under the agreement, without approaching the man involved?
Once you know the name of the IP, you can call them and ask to see a copy of the IVA proposal and let them know that you are a creditor.
Many thanks for your reply Melanie. This is extremely helpful.
To answer your question swans_girl. I had been trying to contact the individual who owed me the money and found out from his wife who he has recently split from. I'd be still hopeful of getting something back, but exactly how much remains to be seen
Yes, you need to speak to the IP. However, if the person to whom you lent the money was already in the IVA, then it is highly unlikely that you will be permitted to join in it, meaning you will have to remain outside of it. The plus side of that is you will be free to take action against the debtor should you wish to do so.
It's also worthy of note that it is also highly likely that if your debtor entered into the agreement with you without actually telling the Supervisor, that act in itself will be breach of his IVA.
Good luck with this, but my fear is that the debtor's conduct could suggest that he might not have too much regard for his IVA either.
Ian
Last edited by ianmillington on Thu Oct 02, 2008 9:40 am, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
Yes, you need to speak to the IP. However, if the person to whom you lent the money was already in the IVA, then it is highly unlikely that you will be permitted to join in it, meaning you will have to remain outside of it. The plus side of that is you will be free to take action against the debtor should you wish to do so.
It's also worthy of note that it is also highly likely that if your debtor entered into the agreement with you without actually telling the Supervisor, that act in itself will be breach of his IVA.
Good luck with this, but my fear is that the debtor's conduct could suggest that he might not have too much regard for his IVA either.
Ian
Thanks Ian - having followed Melanie's advise I've looked at the register and it appears that this guy's wife has an IVA, but he doesn't appear to, though it may be registered in Scotland, so I'm about to call them and try and find out. It's becoming quite bizare, perhaps she is tring to protect him, I don't know??
Richard, my guess is that if his wife is in an IVA too, they probably entered into them together as interlocking IVAs. When couples later split steps are usually taken to sever the link, often driven by one of the 2 parties, usually the one who most wants to keep their IVA afloat!
If my guess is right, it may be that at the time the wife asked for them to be severed there were no proposals for the future from him, and as a result his IVA will most likely have failed. I suggest you ring the IP shown as acting for the wife and ask them whether they originally acted for the husband too. That is really the only way of finding out, other than checking the actual court files. Of course I may be well wide of the mark.
Has the guy gone to ground?
Ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
Yes he has. A brief history of the case is that I leant this guy some money which he agreed to pay back in two amounts over 12 months. We got a fee agreement together which was witnessed. The first payment was due back on 30th Sept. I tried contacting him earlier in Sept without joy and finally got through to his wife on Sunday. She explained they had split up, but that her husband had an IVA registered in march 07, with about £160k owed. He has a business and this looks like going under. I've been advised by a solicitor friend not to throw good money after bad by paying for advise to try to get this money back, but to still go through the small claims process after writing to the guy to request payment and see what happens, though he wasn't hopeful The problem is the wife doesn't know exactly where the husband is as he has communicated the odd time via a pay phone in the Glasgow area. I will ring the IP looking after her - though this was registered in Feb 08 - and see how I get on.
Given the time differences between the 2 IVAs they probably won't be connected. However, unless there is some foul up at the insolvency service website whereby it's registered in the wrong name (or not at all) it seems to me like his IVA will have failed.
I'm sticking my neck out here, but his conduct suggests that he may have simply used his IVA as a device to buy time whilst putting his house in order, so to speak.
Your solicitor gives you good advice - don't throw too much money at this.
ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
Once an IVA fails all creditors that were bound by it are released, and you will simply be one of them. However, should the debtor go bankrupt, the fact that he borrowed money from you whilst in an IVA and without telling you that he was, may have implications from a Bankruptcy Restriction Order point of view
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
ianmillington wrote:
Once an IVA fails all creditors that were bound by it are released, and you will simply be one of them. However, should the debtor go bankrupt, the fact that he borrowed money from you whilst in an IVA and without telling you that he was, may have implications from a Bankruptcy Restriction Order point of view
Many thanks for this and all your points Ian. It's been useful to help establish how I stand.
