Car finance companies have to be informed and it is a technical breach of a hire purchase agreement to enter into insolvency. However, the main hire purchase providers are not concerned with IVAs provided the proposal makes an allowance for the HP payments to be maintained and that any arrears are c...

The mortgage company is advised by the IP of the IVA as they are a creditor albeit secured. A secured creditor can revalue their security at any time during an IVA and in the event of a repossession and subsequent loss can prove their debt in the IVA or bankruptcy. However, most mortgage lenders do ...

Hi Jackiedf. There are quite a few issues and you should both seek advice from an Insolvency Practioner and probably a solicitior. If your husband does enter an IVA creditors will want to know the full details of equity in the property and whether there will be a divorce and settlement. The judge wi...

I must say that it means a lot to receive a compliment from Melanie who you are all aware is one of the best IPs in the business. And trust me she is one of the best drinking buddies that you could have too.

Hi Shanks,
Sounds like a sensible decision by your IP and I hope you can resolve the situation given the effort you have put in to date.
Good luck.

Hi Zander. If the debt was pre IVA the creditor may be bound by the arrangement even if they were unaware of it. Depending on the size of the debt and the effect on the original dividend the debt can be brought into the existing IVA without affecting it. As stated you must inform your IP but it may ...

Hi Shanks. You have a number of options and you should speak to your IP or caseworker. If you are struggling with payments you could propose a variation to reduce them to a more sustainable level or if you can make no payments at all your IP could request that creditors accept what has been to date ...

Thanks Andy. I find the Forum very interesting and informative and to be honest I was really glad it was not us as that would have been my department. Admittedly, we are by no means perfect but it helps to find out what difficulties people are experiencing and hopefully I can prevent similar problem...

Hi Karenanne23. My name is Michael Peoples and I am the manager of the self employed team at Mc Cambridge,Duffy & Co Insolvency Practitioners and we are based in N Ireland. We do a large number of self employed cases and I am concerned that we may be the firm referred to in this posting. I would app...