Firstly i would like to say i know i have handled my debt problems really (and i do mean REALLY) badly over the pass few years but i need some advice now i want to get my affairs in order.
I entered in an IVA just over 6 years ago, to the point where most the the debt has now fallen off my credit report. The issue i have is even thou this IVA failed not long afterwards (i stopped paying on advice from a company to go bankrupt but nothing ever happened) None of my major creditors have ever come chasing the debt.
I have a couple of small creditors that have stayed in contact but done nothing and all i get is the odd statement saying i owe X amount without them asking for any payment etc.
I don't recall ever getting a failed statement from the IVA and i have never been made bankrupt. I am not on the Register for a IVA or bankruptcy.
How would i find out what date my IVA failed? Would all my debts be statue barred from that date or the day the IVA started?
Experian still have it on my credit file where others (callcredit i paid for a report) don't have any reference to to the IVA on my file nor do noodle.
I do have a mortgage and i really don;t know where to go from here, i don;t want to have my credit profile damaged again for another 6 years from now but would also like to sort it all out?
Anyone ever heard of an IVA failing and nobody ever coming after you afterwards especially for the 5 years (at Least) it has already been?
Sorry for the long post but i hate to say i stuck my head in the sand and waited for them to make be bankrupt and over the years it never seemed to happen. Now i really don't know where i stand
The best starting point would be to contact the IP firm that handled your IVA. I think statute barring only applies if a creditor does not chase you for 6 years, which does not seem to be the case here. You may want to speak to someone about your financial position and consider which route might be best for you.
Last edited by Lisa Thomas on Thu May 14, 2015 12:32 pm, edited 1 time in total.
It sounds like the insolvency firm did not advise the creditors of the failure of the IVA or the creditors did not read the termination report. It is not unusual to receive statements during an IVA showing payments made so your creditors may be still doing this not knowing the IVA has failed.
You could possibly start clearing off the smaller creditors and hope the bigger ones never come back but this would be a risky idea and speaking to your old IP firm is good advice from Lisa.
I would assume that my creditors know about the IVA failure as the smaller creditors are chasing debts that were included within the IVA itself. It is my understanding that this wouldn't be possible if they thought my IVA was still ongoing.
Also would i have some sort of complaint if the IP hadn't told the creditors that the IVA had failed? Surely they have to have a yearly meeting or some sort of contact with each other. We aren't exactly talking months its been years.
Hi. The IP sends out an annual report then a final report to creditors. That doesn't necessarily mean that the creditors update their records/action the report. In any event you knew the IVA had failed and that your debts remained payable. I'm not quite sure why you would want to complaint about the IP? If your IVA failed then the creditors all now have the right to pursue you for the debt. Just because a creditor hasn't actively pursued you for a debt doesn't mean that they wont or that they've written it off. I suggest you seek advice and consider dealing with all of your debts so you can start to move on. You have acknowledged you have a financial issue - best to try and sort it.
I agree with Lisa. The creditors may have received the final report and not noticed it was terminated but the debt is still due. I am surprised though that the creditors have not been more proactive as when they stopped receiving annual reports they should have realised the IVA was no longer active.
It goes to show the dangers of bankruptcy assist companies and many otherslike you lost substantial sums of money and had their IVAs failed.
Reading the advice of Lisa and Michael I believe honest conversation with your past IP will help you move forwards with this. You will still be liable for the debt incurred and should make some provision to pay this back or take the most appropriate steps to bring this to an end.
Best wishes and let us know how you get on.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
OK then that is what i will do thanks for the advice,
Just one more quick question, i work away and won't be home for the next couple of weeks (therefore have no details to hand which company etc i took out the IVA with) Is there any way which i can find out online who i had the IVA with and which dates it failed etc?
I cannot see how you could be able to do this as it was so long ago. Wait until you get back and see what you can find which would help track down the IP.
Unfortunately not online as it will have dropped off the register- were they local to you - can you remember the firm name at all or something similar we might be able to recognise for you? Alternatively you could try ringing the Insolvency Services on 0300 678 0015 who maintain the register. They may be able to retrieve some details for you.
