What would happen if I don't complete a last set of accounts after my IVA finished ?

Get expert opinion. This is the place for new questions to be posted.
14 posts Page 1 of 1
 
 

Caroline.06

User avatar
Posts: 1
Joined: Tue Apr 21, 2015 5:54 pm

Post by Caroline.06 » Tue Apr 21, 2015 5:55 pm
Hi,
My 60 month IVA finished 7th February 2015, no problems until now (21st April 2015). My Insolvency advisor has issued me with a non-compliance as I have not returned documentation within the specified time scale. I wrongly believed that there wasn't a need for me to return this document as my IVA had finished.

Following a phone conversation with my advisor, it was explained that I needed to file a last set of accounts with them in case I had extra money coming in. What would happen if I didn't complete the required paperwork, now that my IVA has finished? I am loathe to file the paperwork as I have a small overdraft with the bank and don't want this to incriminate me.
Please please HELP!
 
 

relieved33

User avatar
Posts: 1166
Joined: Mon May 18, 2009 7:22 pm
Location:

Post by relieved33 » Tue Apr 21, 2015 6:06 pm
You can be breached if you do not comply and send in your final I&E. This would be tragic at this stage. If the overdraft is a problem, it can be solved easily I am sure.
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Apr 21, 2015 6:12 pm
Hi Caroline. Contrary to your line of thinking, your IVA has not finished, nor will it unless you comply.

Your IP will not issue a certificate of completion until all of his obligations have been fulfilled. It would not only be tragic to fail at this stage -- but would be bordering on criminal !

How small is this overdraft? -- many arrangements allow for credit of under £500 to be acceptable. You could be worrying over nothing and risking everything.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

mole

User avatar
Posts: 1304
Joined: Wed Mar 25, 2009 9:30 am
Location: United Kingdom

Post by mole » Tue Apr 21, 2015 6:19 pm
To be fair, I understand providing bank statements, P60 and payslips, But what is the actual point of doing an I&E ?
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Apr 21, 2015 6:28 pm
It is more the "I" than the "E", Mole --- to make sure any income over the last 12 months hasn't been missed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Wed Apr 22, 2015 9:21 am
..and if there is surplus income asking for payment of the increase within the terms of the IVA so Caroline may have more to pay (say if she had a pay rise in the last year).
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

JJSIDE

User avatar
Posts: 121
Joined: Tue Oct 09, 2007 10:27 am
Location: United Kingdom

Post by JJSIDE » Thu Apr 23, 2015 10:00 am
You obviously were aware that you should not take any credit whilst in an IVA then. It seems that you haven't learn't much from the IVA experience and are acting in the same way that got you into trouble in the first place. You need to come clean, stop avioding the issue and face the consequences. Or as other posters have quite rightly stated, the IVA will fail which would be a great shame at this stage.
If nothing changes, nothing changes!
 
 

lifenoteasy

User avatar
Posts: 3248
Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom

Post by lifenoteasy » Thu Apr 23, 2015 10:37 am
A lot of agreements allow for a small amount of credit.

There is also a difference between an overdraft for personal reasons and business reasons.

Whilst I am glad I no longer have one 70% of people I have invoiced in the last 2 months have not paid on time. A credit facility would have been incredibly useful.

It's a very different scenario when you work for yourself.

Public sector organisations have been the worse in paying.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Thu Apr 23, 2015 11:59 am
Hi JJ - a lot of IVAs allow for small credit - usually up to £500.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

JJSIDE

User avatar
Posts: 121
Joined: Tue Oct 09, 2007 10:27 am
Location: United Kingdom

Post by JJSIDE » Thu Apr 23, 2015 12:20 pm
Hi Lisa, that might be true in this case, but probably not, as the reason the OP doesn't want to complete the paperwork as it will reveal the overdraft. Maybe I am being too harsh, but refusing to complete the papaerwork is not the way to deal with this situation is it? It's that kind of mindset that got us in trouble in the first place. Just saying...
Last edited by JJSIDE on Thu Apr 23, 2015 12:21 pm, edited 1 time in total.
If nothing changes, nothing changes!
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Apr 23, 2015 12:25 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JJSIDE

Hi Lisa, that might be true in this case, but probably not, as the reason the OP doesn't want to complete the paperwork as it will reveal the overdraft. Maybe I am being too harsh, but refusing to complete the papaerwork is not the way to deal with this situation is it? It's that kind of mindset that got us in trouble in the first place. Just saying...




JJ -- we are jumping to conclusions that we are not qualified to jump to. In many IVA's the debtor is not fully aware of the exact terms (scary but true) and it could well be that there is a small allowance that the OP is not aware of.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

JJSIDE

User avatar
Posts: 121
Joined: Tue Oct 09, 2007 10:27 am
Location: United Kingdom

Post by JJSIDE » Thu Apr 23, 2015 12:31 pm
Yes - I agree Foggy - my point is that the OP seems to be employing the 'burying my head in the sand and hoping it will all go away' mindset, which I know got me into the trouble in the first place!
If nothing changes, nothing changes!
 
 

mole

User avatar
Posts: 1304
Joined: Wed Mar 25, 2009 9:30 am
Location: United Kingdom

Post by mole » Thu Apr 23, 2015 12:34 pm
Agreed Foggy, dozens come on here not knowing about equity release so I imagine there are far more not aware of the lesser clauses.

IMO, if all payments have been made, it doesn't really matter anyway. The clause is intended to protect the existing creditors so that the agreed payments can be made. If this has been achieved, it should all be good.
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Apr 23, 2015 2:10 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JJSIDE

Yes - I agree Foggy - my point is that the OP seems to be employing the 'burying my head in the sand and hoping it will all go away' mindset, which I know got me into the trouble in the first place!
I think we have all been there !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
14 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”