Hi, I am in the 4th year of a 6 year IVA. No problems so far and all reviews have gone fine. At the start of the IVA I had a share save scheme with work. I cancelled it and it was mentioned in the initial assessments but I wasnt sure exactly how much was in there due to share price etc. Just before signing up to the IVA I cashed in the shares and made some needed repairs to my car, it was about £400. These shares were listed in the agreement but only at the value of £1 so I assumed that it wasn't needed. Now 4 years later I've had a call saying the creditors are interested in the shares and what happened to the money. I've moved 3 times in the last 4 years and can not find anything to prove they were cashed in. As they were only listed as having a value of £1 on the agreement is there anything they can do? I am worried about getting so far and now causing problems. Hope that all makes sense. Any advice would be great thanks.
I doubt very much if creditors are interested in the shares and sounds more like to me some over eager caseworker thinks they have found a hidden asset. Speak to your IP and tell them what you have said and also advise them to have a look at your wage slips which tyhey will have had for the past four years. This will clearly show no shares which anyone with a modicum of intelligence would have spotted.
I expect they haven't ticked a box at their end to show that they satisfied themselves about the shares at the beginning of your IVA. Can you get some evidence from the share company itself or from your bank statements to show how much you cashed them in for? Try not to worry - at the very most I would suspect they MAY ask you to pay back the £400 and I would suspect they should allow you a bit of time to do this given it has taken them 4 years to ask you about it!
HI, Thank you all for your replies. The fact we are in our 4th year, I thought this would have all been sorted by now. I am just in the process of completing a review so will follow your advice and explain what has happened. Ill also try and find any documents from the share save and will send in with the review paperwork. Thanks for the reassurance, I can stop worrying now!
