My sister and her husband was in an Iva and paid into it for 3 years. When the split up her husband stopped paying so she did. That was 3 years ago when the last payment was made. My sister constantly contacted company asking how much they owed and wanted to go bankrupt. Her husband offered £5000 to pay off remainder. Company would not respond. She is now inheriting about £150000 the original debt was £50000. The solicitor has notified the debt company. What will she be liable for to have to pay back
If the trust created by the IVA was not terminated she will be liable to pay her total original debt, plus fees and possible statutory interest. Did you inform the solicitor of the IVA ? If not, then she must still be on the Insolvency Register. If this is the case the trust probably hasn't been terminated.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
She definitely needs to speak to her solicitor and the iva company. Has she retained the emails / letters she sent asking for clarity on what was owed to close or go bankrupt ? She may have a case for arguing their non response however ultimately she will be responsible for some of her outstanding debts.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree that this is a matter for a solicitor. If the IVA company did not close the IVA down despite being told to do so and the arrangement being in default she may have grounds for complaint.
