How should I handle notice of breach ?

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Francis.h

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Post by Francis.h » Wed Aug 26, 2015 11:38 am
How should I handle a notice of breach which I have received from IVA company because I have taken out further credit ? I notified the IVA company at the time of taking out the new credit agreement but they are now claiming that they advised me differently.
 
 

lifenoteasy

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Post by lifenoteasy » Wed Aug 26, 2015 11:42 am
Can you clarify what the credit was for and the amount?
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.
 
 

Foggy

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Post by Foggy » Wed Aug 26, 2015 11:45 am
You might have notified them, but did you get agreement in writing ? It is not common for them to allow further credit without good reason.

To rectify the breach you will need to repay the credit and cancel the agreement. Depending on the amounts the IP might allow a break, which you will have to make up later.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Wed Aug 26, 2015 11:46 am
There should be written consent from the supervisor for any credit over £500 and if uyou were given that consent then tell the IP to withdraw the notice of breach. If you do not have the consent in writing you need to find out what went wrong and a meeting with the IP seems appropriate.
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
 
 

Lisa Thomas

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Post by Lisa Thomas » Wed Aug 26, 2015 1:29 pm
Hi If you did get consent from them - send them a copy and tell them they issued the breach in error and ask them to retract it. They should have told you how to rectify the breach in their letter to you about the breach. I suggest you follow Foggys advice in the meantime.
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
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