Money owed to me, worth it or not?

[busy40]

Before i start i just want to say this is a fabulous site and its nice to know i am not alone.
I took someone to court who owed me £16,000 and won my case but the person involved is unemployed long term so cannot pay me the money at the moment. It states in my IVA that the IVA company will help me recover this money. I have had the IVA over a year now and no one has mentioned this money at all. Should i say nothing and hope that i get my windfall after my IVA has finished? I was told by the IVA company that if i did recieve the money i could use some of it to carry out home improvements to my home which is in a dire state of repair. If the money turns up by some miracle should i do the home improvements and then tell them how much i have left or risk telling them in case they just take the lot.

[MelanieGiles]

Hi busy and welcome to the site. You will never be alone here - there is always someone prepared to help, even if it is just to give a little moral support.

You are duty bound to chase the debt, clearly with the assistance of your IP, but if the party who owes the money cannot pay then there does not seem to be much point in pursuing it at the moment. Do they own a property at all with equity in it?

I think that you need to keep your IP fully informed of all steps to collect and receive these monies, and if anything is eventually received get clearance to spend the money first.

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

[busy40]

Thank you. Im just scared that if the money should turn up, they will take the lot. Taking this person to court was one of the reasons that led to my IVA in the first place and i feel iv suffered enough. Im in debt (solicitors fees) for chasing a debt lent to me. Im not in debt through a lavish lifestyle but because of massive cock ups from the tax credit agency and this person not paying back money that i owed. Its all soooo frustrating. the person in question is long term sick but he does have a property and i have had a charge put on it if he decides to move out. There is no clause forcing him to move out.

[MelanieGiles]

You could enforce that charge if you wanted to, and the monies appear to be rightfully payable into your IVA as an asset. I think that you ought to put your IP in the picture with regard to this situation and take their advice.

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

[busy40]

Many thanks. I am in the process of composing a letter to them now.

[busy40]

Hi Mel. If i mananged to get my hands on the £16,000 could i use this money to offer a F&F. I do have a £5,000 equity relase clause at the end of year 4. My total debt is £37000.00 and i pay £370 a month at the moment. Have just completed my first year but can find no 2 year get out clause anywhere.

[MelanieGiles]

I rather suspect that it is already included in your IVA - but do check the proposal and Chairman's Report to be sure. What do you mean by a 2 year getout clause?

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

[busy40]

I meant that i have not read anything in my paperwork saying that i cannot offer F&F for the first two years because i have read on this site that some people are restricted in this way. I have drafted a letter informing them of the fact that the money may be forthcoming and i have asked if i can retain a sum of it for emergency repairs to my home (no cistern as it was plastic and snapped so using a neighbours loo at the moment) but then it dawned on me that if the money comes then i could use it to try and settle early. Just optimistic on my part ha ha

[MelanieGiles]

Again, it depends on what was provided for in your IVA, but I would have thought that requests for some of it to be retained for emergency repair work to your house are more than reasonable.

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

[busy40]

Thank you so much. I have sent a letter today and photographs of the repairs that need to be carried out so its fingers crossed. Its nice to speak to someone with a level head and knowledge when my mind is all over the place at the moment.

[busy40]

Hooray. My request has been accepted and it was the photographs that clinched the deal so im glad that i sent them. Im a very relieved lady today. Its the first time i have spoken to my IVA company as up until now everything has been done by post and they were pretty helpfull (except when it concerned my dog). However, at this stage im grateful for small mercies. Many, many thanks for your support once again.

[Skippy]

I'm glad you got things sorted out

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/