I've just received a letter from my IVA company threatening bankruptcy

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Chris.42

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Post by Chris.42 » Mon Dec 15, 2014 6:55 pm
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I ve just received a letter from my iva company threatening bankruptcy I ve been in this agreement for the last 48 months and not missed a payment I have been overseas for the last 5 months and my financial review was due in October they were informed earlier in the year I ve come home and received three or four threatening letters
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Foggy

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Post by Foggy » Mon Dec 15, 2014 7:19 pm
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Have they said why they are threatening BR ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Shining

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Post by Shining » Mon Dec 15, 2014 7:57 pm
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I wonder too what the reason would be to threaten bankruptcy if you're up to date with payments as there surely isn't a breech of the IVA?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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muttsnuts35

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Post by muttsnuts35 » Mon Dec 15, 2014 8:24 pm
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have nt been able to complete financial review as yet informed them that I would not be able to complete this review until I got back
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seagulls

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Post by seagulls » Mon Dec 15, 2014 8:27 pm
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Is it just an automatic letter generated by admin? My hubby received a letter asking for an annual review after the F& f was agreed. An admin error !
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Foggy

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Post by Foggy » Mon Dec 15, 2014 8:30 pm
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The review has to be completed within 2 months of the anniversary, failure to do this can result in the IVA being failed.

Hopefully your IP can get things moving and the creditors will forgive the delay. After all -- we have seen many occasions when a delay is caused by the IP and the creditors seem happy with that !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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muttsnuts35

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Post by muttsnuts35 » Mon Dec 15, 2014 8:31 pm
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sorry created a new profile Chris42 could nt remember my login info just found an email so back on my original profile muttsnuts35 thanks guys
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muttsnuts35

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Post by muttsnuts35 » Mon Dec 15, 2014 8:36 pm
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Its the IP who has sent me all these bankruptcy notices attached to the correspondence they send me
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Foggy

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Post by Foggy » Mon Dec 15, 2014 8:41 pm
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You need to explain to them the fact that you have been out of the country, which they were already informed about and ask them if the breach can be rectified.

If they proceed with BR I doubt the judge would be happy that they seem to have ignored the information you gave them and didn't act accordingly.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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muttsnuts35

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Post by muttsnuts35 » Mon Dec 15, 2014 11:23 pm
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I ve checked the paperwork and was issued with a breach on the 22nd October giving me 30 days to supply the documentation I have received the report for the year stating I have not supplied the documentation requested and now a meeting of creditors is being convened
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Foggy

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Post by Foggy » Tue Dec 16, 2014 7:52 am
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OK -- try to put your case forward at this meeting.

When issued with the notice on the 22nd, were you back in the country ... i.e could you have complied ?

If there are good reasons for the delay they might forgive the breach. If not they might petition for BR or simply fail the arrangement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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muttsnuts35

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Post by muttsnuts35 » Tue Dec 16, 2014 8:21 am
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There was no way I could have complied.
I am aware my point of contact with the company has left and been replaced.
Its not the first time I received a threat from them last year because I only sent them 51 payslips who makes the decision on the failure on an iva and what happens to the money I've already paid in
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Adam Davies

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Post by Adam Davies » Tue Dec 16, 2014 8:52 am
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Hi

All seems a bit harsh given your circumstances

Speak directly with your IP, there is no need to have your IVA failed

If the worse happens your IP will take their fees from monies paid in and possibly the cost of petitioning for your bankruptcy, any remainder will go to your creditors

It is vital that you speak with your IP and agree a way forward

Regards
Andam Davies
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