Hi
I have just received a letter from my IVA Company saying that the 100.00 I pay each month is insufficient also that a meeting of the creditors is arranged for a months time to determine if the arrangement should be terminated as I have fallen more than 3 months in arrears. I wrote to the company more than a month ago saying I was struggling but got no reply & now this. As you can understand I am very upset as only have one year to go with the IVA. Is it in my interests to let them make me bankrupt or maybe do it myself?
Thanks for your help
Liza
Why do they suddenly, after all this time, deem the agreed payment insufficient -- did you have a minimum dividend to make ? The arrears do have to be addressed, and I would, in your shoes, insist that the variation notice to creditors explains that you attempted to discuss this with the IP but got no response and ask them to forgive the arrears.
It is in your interests to try to save the IVA to allow it to complete. It is unlikely that your creditors would make you bankrupt if you have no assets to surrender. To do so yourself would cost you £750 in fees up front.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Did the IVA company allow you a temporary reduction in payments? If so they now need to call a meeting of creditors to allow this to continue which may be the case.
You need to speak to your IP firm to try and resolve this. Perhaps they did not receive your letter and therefore believe they have had no contact at all plus the arrears.
You will need to agree a way forward to either give you a payment break or reduce your contributions or extend the IVA so you can make up the arrears. send all corres in writing by recorded delivery.
