Hi Please can I have some advice I am in an IVA and I have 23 months left
Me and my wife separated this is why I entered into the IVA. Last year I was paid a bonus through work and didn't tell them as I needed to get myslef in to a flat and settled so I could see my kids. I know that I should of disclosed this but I was desperate
I also had saved some money to buy a car for my family unfortunately somebody stole it and now the IVA want all the money leaving me without a penny
I have also recently lost my job and have decided to go self employed and I am not sure over the next few months what my income will be but I will not be able to pay my instalments.
My biggest concern is the mortgage to the house is in my wife's name but she is concerned that if I go bancrupt she will loose her home can you advise
Also my IVA have confirmed I have breeched my IVA by not disclosing my bonus and car savings
Please can you advise as me and my wife are trying to put our life back together but she is terrified she will loose the home although I have no ties to it
If the house is solely in her name it should be safe from any repercussions of your iva failure.
I would attempt to speak to your IP and discuss fully your actions and reasons for the last 12 month. It maybe now that your circumstances are such that bankruptcy is an option to be considered.
Let us know how you go.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The problem I have I have set up a small LTD business which is going to start trading next month I have 6 months work booked in
But if my IVA Default me and threaten the legal action against me ( not sure what legal action)
I will loose tr business and everything
The frustrating thing is my insurance company have not settled as yet they have gone directly to my IVA behind my back and told them that I am being made an offer. The crazy thing is I have not once refused to give any money to my creditors/ IVA and I am having really threatening emails from them
Thank you again corny our help I will try and ease my wife's worries
Thanks
The likelihood is that if they fail you they will not go down the bankruptcy route - they will fail the IVA and then leave the rest to you.
As far as possible try and resolve the situation with the current IP. If you cannot it may be possible to arrange another IVA with a different company and therefore protecting your business.
I don't know what work you do but also see if an umbrella company arrangement is an option.
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.
Would you be able to advise to why my IVA have told me to seal legal advise as they are starting criminal proceedings as this is really frightening me as I am just getting my life sorted and now they are really scaring me
They have not even given me the chance to explain they just want all my money that I had saved and brought a car with
It is not my fault that someone stole it
Is it not in there best interest to except that I am going to pay my creditors or IVA once my insurance has made a settlement
Where can I find info on protecting my ltd company and are there other IVA companies that can help
Thanks
I am sure that some of the IP's that comment on here will pick up on the threat of criminal proceedings but some companies tend to be a bit bullish - either seek legal advice (which will cost and effectively will fail your IVA as you will need to pay their fees) or call the IVA companies bluff.
The amounts you are talking about don't seem to be massive.
In terms of advice around protecting your Ltd company there is not a lot around - it was a consideration for me a few years back as I was exploring an IVA.
A lot depends on what you do, how you attract clients, how you need your income to come in, do you sub contract etc.?
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.
Mate - a lot of us have been there with splitting, kids etc.
The last thing you would have been thinking about is how it looked to the IVA company.
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.
Hi. Legal, proceedings, though not unheard of, are rare. In most cases they will simply fail the IVA and leave you to deal with your creditors yourself.
Rather than leave this to letters and emails, I would seek to chat to the IP directly and see if you can both work out a way forward, maybe try offering to repay what has been lost by extending the IVA a bit. With your IP's help this is recoverable.
But, and I an not trying to be harsh here, you must realise that there is a large element of trust between the Debtor and the IP (and hence the creditors)in an IVA and you have breached this at least twice. It will be understandable if your IP is reluctant, but you have to win him over by demonstrating that you want this resolved and you are willing to work towards a solution.
Maybe, also, see if your IP would be willing to allow a few months break to allow your business to stabilise before starting afresh and finishing the IVA properly.
You will have to work at it -- but worth a try at least!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you go Bankrupt the Official Receiver or Trustee will investigate whether you have an interest in the property with your ex wife. Although it sounds unlikely - the worst case scenario, if they feel you do, is she will be given the opportunity to defend this but also to 'buy out' your share if there is a good argument that you do have an interest in it. It's a complex area and too difficult for me to go into a lot of detail for you on a forum. If you are made Bankrupt you will not be able to continue to be the Director of your Limited Company. Try to sort out the breaches with your IP as a start to fix what has happened. If this is not possible seek advice from a Local IP in your area. A good one should offer you a free initial meeting.
