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| T O P I C R E V I E W |
| Darkdog |
Posted - 09 March 2010 : 23:32:37
we got a letter today from one of our creditors regarding breach of agreement, we have our IVA accepted and have forwarded to this to Melanie' team already, but thought this may be useful to air in case anyone else gets this type of letter and can relate to any responses / advice.
Provision of agreement breached
the credit agreement between you and the bank states that if you make arrangements with your creditors for a compromise about how much you will pay them, then, subject to sending you a default notice, we may close your account and demand immediate payment of the outstanding balance as described in section 16 of your credit agreement.
Nature of breach:
you have entered into an individual voluntary arrangement with your creditors.
The breach is not capable of remedy. A default will be registered against you at the credit reference agencies.
Further action : by reason of the breach by you of the credit agreement, the bank intends:
a) to terminate the credit agreement
b) to treat any right conferred on you by the credit agreement as terminated.
c)to enforce the provisions of the credit agreement which become operative on a breach of the credit agreement
d) to submit a claim to the IP in respect of all sums now dueto the bank pursuant to the credit agreement.
No sum of money is required by you under this notice. the bank will participate in any dividend paid by the IP.
( then a warning about court action)
The bank will not take you to court to get a judgment against you for the amount you owe under this agreement whilst the IVA is in place.
WHAT ? does this mean they have played a get out of jail card and can then take me to court after the IVA is completed ?
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| 4 L A T E S T R E P L I E S (Newest First) |
| kallis3 |
Posted - 10 March 2010 : 09:22:24
What would we do without them? |
| lesley_ |
Posted - 10 March 2010 : 07:05:11
I think Melanie and the other professional posters do put out minds at rest especially during the evening or weekend when most IP's aren't available. x |
| Darkdog |
Posted - 09 March 2010 : 23:49:08
wow that was fast melanie, We have every intention of concluding successfully and are more than happy that we will be working with you till then, so is this just a standard issue letter?
it reads as if they intend to bide their time then pounce.
This forum is such an excellent place for this kind of additional info. |
| MelanieGiles |
Posted - 09 March 2010 : 23:40:25
Providing your IVA concludes successfully, they cannot take you to court after it is completed. |
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