A DMP is a debt management plan whereby you pay your debts back over whatever period of time it takes. Interest is normally frozen but it can take quite a long time and is not suitable for everyone. Dont think that one would work. If no-one has been paid then I think I looking at about 100,000 debt...

Hi. I feel for you being chased after all this time. It's too tempting just to close your eyes and hope for the best sometimes! I dont feel you were necessarily badly advised because I dont know the facts of your case. The sale prices or level of secured debt must have surprised him too...he didn't...

As Michael has already said, this seems like a very strange state of affairs. Normally if you are selling property in order to generate a lump sum for a full and final IVA, you remain very much in control of the sale. Also, the IP should not take the case on unless there is clearly enough equity in...

Cannot say I have ever heard of them but it sounds strange. You should go back to them and find out what actually happened and get a copy of any Chairman's Report and IVA. All unsecured creditors have to be treated equally and if this did not happen I cannot see how an IVA was ever in place. From w...

Hi Sandra, That sounds as though some creditors were paid preferentially. Are you certain it was an IVA, or could it have been an informal offer to creditors based on full repayment? Would you mind telling us which company you were with? Yes was IVA with the proviso that I handed over properties an...

Andy Davie wrote:

Hi
Sounds as if your IVA did not conclude and you are back to square one. Did you pay the sale proceeds over to your IVA company ?
Regards

I had nothing to do with sale of properties or any monies coming in. All signed over to IVA company.

You say that the sale 'did not realise enough money to pay all creditors'. Do you mean that only some were actually paid or that all creditors were not paid in full? Only some creditors were paid and IVA practitioner said that those that didnt get paid in full or anything could go for bankruptcy. T...

As enough monies were not raised to pay all creditors they were told by IVA practitioner to make me bankrupt if they wanted to pursue further. I didnt receive any certificate.

approx 51/2 years ago went for an IVA with monies to be paid from the sale of two properties and no monthly payments to be made subsequently. The properties did not realise enough money to pay all creditors and I am now finding that I am getting letters demanding money for debts owed back then. What...

Thanks Andy. I truly feel that BR is now my only option. Im not young and the thought of creditors chasing me again and now having nothing to offer them is not a prospect I relish. Looks like having to bite the bullet and go for it. Thanks everyone.

Secured debts were not satisfied in full and looks like there was deficit of approximately £6000. No idea what he did, if anything, to recover debts to me. Basically I gave him all the outstanding company invoices and list of monies owed to me by chap who conned me into going as sole trader and then...

Have received Supervisors Final Report on the Termination of the Voluntary Arrangement.Basically says that properties did not achieve original valuation and there were no excess monies to pay anyone other than secured creditors. States that monies owed to me were unrecoverable. Receipts and Payments...

Well think probably bankruptcy would be best option as this would no doubt finalise things. Dont think it would affect my work but will need to speak to my boss to clarify. Is it simple procedure to do myself or will I need professional assistance. Assume the IP will be able to provide copy of Chair...

Thanks for kind words Skippy. Just on completely different subject, I seem to make complete mess of replying to and posting items so my apologies to everyone for posting items in wrong section and posting blank items!!

Sandra, I can't offer you any advice, but I just wanted to say how sorry I am for your situation. I really think it might be worth doing as Melanie suggests and reporting your IP. Good luck with whatever you decide to do, and let us know how you gte on x Yesterday is history, tomorrow is a mystery,...