received a letter that my IVA had failed

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rob.w

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Post by rob.w » Thu Feb 07, 2008 10:32 pm
I RECIEVED A LETTER COPIED TO CREDITORS THAT MY IVA HAD FAILED AND THAT I HAD NO ASSETS.
I HAVE HEARD NOTHING EXCEPT A LETTER BASICALLY THAT NO CREDITORS ATTENDED THE MEETING. I AM WORRIED WHAT WILL HAPPEN NEXT.
WILL I HAVE TO GO TO COURT?
 
 

ianmillington

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Post by ianmillington » Fri Feb 08, 2008 12:04 am
Firstly check at the DTI as to whether your IVA has been removed from the register

Ian
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PDHL Ltd (formerly Personal Debt Helpline Ltd)
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pbeck

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Post by pbeck » Fri Feb 08, 2008 6:14 am
Are you saying that your IVA had never been approved in the first place because there were no votes at the first creditors' meeting or had it been approved previously and there been a second meeting called to consider a variation to the IVA after you defaulted on it ?

If it had never been approved originally then it would not have appeared on the DTI register.
Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist since 1996.
 
 

Lisa2009

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Post by Lisa2009 » Fri Feb 08, 2008 8:24 am
Phill, im reading that the same way as you are. It does sound like the IVA was never approved .

rob perhaps you could post a few more details in order to get better advice.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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rob.w

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Post by rob.w » Fri Feb 08, 2008 6:22 pm
NO. MY IVA RAN FOR NEARLY 2 YEARS UNTIL 3 DEFAULTED PAYMENTS. A CREDITORS MEETING WAS ARRANGED BUT NONE OF MY CREDITORS ATTENDED. I HAVE RECIEVED A LETTER OF CANCELLATION OF IVA ,BUT HAVE HEARD NOTHING SINCE DECEMBER LAST YEAR.
 
 

Lisa2009

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Post by Lisa2009 » Fri Feb 08, 2008 6:30 pm
Hi Rob, basically you are back to where you were before the IVA started and your creditors are free again to chase you for payments or to petition to have you made bankrupt.
Do you own a home or anything that would be at threat if you were to be made bankrupt?

mrs skint
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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rob.w

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Post by rob.w » Fri Feb 08, 2008 6:33 pm
Ihave no assets. would i be better declaring myself bankrupt?
 
 

Lisa2009

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Post by Lisa2009 » Fri Feb 08, 2008 6:35 pm
With no assets to protect, bankruptcy may well be the better option. It will put an end to any creditors chasing you.

mrs skint
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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rob.w

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Post by rob.w » Fri Feb 08, 2008 6:39 pm
Many thanks for your help and advice!
 
 

Lisa2009

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Post by Lisa2009 » Fri Feb 08, 2008 6:41 pm
You are very welcome and if you need any more advice, just ask and somebody will be happy to answer.

mrs skint
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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Soulgrowth

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Post by Soulgrowth » Fri Feb 08, 2008 8:16 pm
Rob ... would it be better to wait see whether one of your creditors will make you bankrupt? This will at least save you the fees!

Does anyone know historically what the chances of this are?

Debbie
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rob.w

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Post by rob.w » Fri Feb 08, 2008 8:19 pm
I was wondering that myself.
 
 

rob.w

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Post by rob.w » Fri Feb 08, 2008 8:32 pm
I have read that if no assets creditors will not chase bankruptcy,as it costs 1000+. (throwing good money after bad)I am not proud of my situation and am worried i may be summoned to court.
 
 

Soulgrowth

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Post by Soulgrowth » Fri Feb 08, 2008 8:57 pm
"Experts" what happens in this situation ... if the creditors wont chase to bankruptcy and you do nothing ... then what happens?

Rob ... good luck ... even if you go to court ... it really isn't the end of the world!! I was in court last year relating to my debt situation and the judge was very sympathetic telling me "not to worry because the big institutions are insured agianst situations like this!" ... so long as you can hold your head high and answer to yourself that you have done everything you morally can to address the issue ... then there's nothing more you can do ... easy to say I know, but it is only money.

Good luck

Debbie
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rob.w

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Post by rob.w » Fri Feb 08, 2008 9:07 pm
thanks Debbie
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