omitted creditors

[sharon.sn]

iva excepted in dec have realised have left to club books off iva list am teriffied if i tell iva supervisor the whole thing will become invalid after 3 months of hell getting iva. the omitted creditors only add up to 2000 pounds out of the original 80000 is it possible to add these two debts to the iva or would i have to start all over

[MelanieGiles]

Hi sharon and welcome to the forum

What a shame that these debts were not included in the IVA. As part of the procedure, did your IP not specifially ask you whether you had included all debts?

So long as the creditors concerned agree to join into the IVA, they can probably be added at this stage, but you will need to make additional contributions at the end of the arrangement to ensure that the dividend you offered is not affected by their inclusion.

[Adam Davies]

Hi
It is not uncommon for someone to miss a debt or two off their IVA.
Just make sure that you let your IP know immediately.
Regards

[MelanieGiles]

Andy

I very rarely have clients telling me that they have forgotten to include a debt, because we ask them time and time again throughout the process to check and check their records, and also get a credit search carried out. This should not happen, and IPs need to dig a little further rather than just relying upon what they were told first hand.

[Adam Davies]

Hi Mel
I thought that you would reply on this point.
I missed off a creditor and the point that I was trying to make is that you must not be scared to inform your IP,they will be used to this sort of thing happening.
I think that a credit search is an excellent way to stop this sort of thing from happening and will also stop people retaining a credit facility to use post IVA.
Maybe a credit search should be a standard procedure for all IPs

[carlmcmullen]

Melanie, when you say "and also get a credit search carried out" do you mean your company or you ask the client to get one?

I agree with Andy it should be standard procedure.

I use to work for a company and we made enquires about this facility with equifax but was told as we dont offer credit then this is not availible for us to use.

It was about 4 years ago when i last looked into it - have things changed.

I might have to re-vist again.

[MelanieGiles]

We ask the clients to get them, but there are companies you can pay to have this done as well. I will try and find some details and post tomorrow.

[carlmcmullen]

Thanks Melanie,

Would be very much appreciated - i will also make some enquires myself tomorrow