Please help. I can't eat or sleep. IVA taken over and relevant paperwork re car lost.

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Sara32

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Post by Sara32 » Tue Jul 29, 2014 5:47 am
Hi, I am going into the third year of my iva. Part of the terms was to sell my car and then have £3000 to buy a new one which I did, unfortuantly bought from a dodgy dealer and the £1000 odd i was meant to paid in had to be used to pay towards the car, this was 3 years ago and told my company everything that was going on and even that trading standards were involved though useless. I was told i could pay an extra 6 months at the end to make up the difference, I sent everything in and never heard anything again.However now 2 years in with new company that took over and have been told i need to pay £1000 odd no paperwork was ever recieved and there is no mention of an additional 6 months! To top it all off would not have been told this if I hadnt called up and asked if everything was okay with my plan as I had not heard anything. I now have no paperwork to send them apart from the sale, I have no reciept or detals for the car I bought as I had sent them off. I am now scared this may be seen as a breach of terms and I have worked so hard to pay into this plan. My husband is offerning to take out a loan and pay the £4000 ( the total for the car) to them so I can keep my iva going and not having to go bankrupt. I would just like to know the best course of action as I have spoken to my company but had no joy, have been told perhaps a variation could be made where the paperwork doesnt have to be produced but creditor would have to agree, which I doubt would be succesful. I was given a full and final settlement figure of £6700 but feel it would not be accepted as still no paper work so may want car funds which would take it to £10000 which my husband cant afford to do. Please help, I cant eat or sleep.
 
 

Michael Peoples

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Post by Michael Peoples » Tue Jul 29, 2014 9:25 am
It sounds like you have done little wrong and the problems with the vehicle will have been disclosed to creditors at the annual review stage. If you can raise the £6700 and get the IVA finished this may be the best option for you and I doubt if creditors will have an issue when you were clearly ripped off.

See if your husband can raise the money and best of luck with the variation. If he cannot raise the full amount creditors may take less as it is cash early.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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