Help-New debt whilst in IVA

[SharonR]

Hi Phil

Thanks for the reply.
I think I am stressing about what will happen if it cant be included.

I will just have to try not to worry!!

Sharon. X

[Phil]

I am sure you will be ok, As you know from setting up your IVA that these times are stressful but things will calm down,It is in your IPS and creditors interest to see you succeed in your IVA,What I have seen in this area of finance (Insolvency)that there is always a solution,things can be adapted to suit yourself and your creditors,I know it will be on your mind all weekend but try to relax with a glass of wine or 2 !!!!

[SharonR]

Thanks Phil

Maybe more than 2 glasses I think!!

Sharon X

[SharonR]

Hi All

Just an update.
Just heard back from IP and they are including this new debt in the IVA and so will be writing to the brewery regarding this tomorrow!!

Phewwww!!!! That is a massive weight off my mind!!

Thanks for everyones support on the forum, its good to know there is always someone to talk to here!

Sharon X

[aguise]

Great news sharon.

Ang x

[Oliver]

Good news Sharon, Hope all goes well from now on

[SharonR]

Hi All
I cannot believe it. I have just received my post this morning to find I have another new debt (Iam in a IVA see above thread).

I had absolutly no idea I had this debt as it was from a pub that I leased over 14 months ago. The debt is from a piece of line cleaning equipment I leased while in the pub.

Upon leaving the pub, I told the company I was leaving and all they said was that they would talk to the new pub owners about continuing with the equipment.

Now it seems after a year the new owners do not want to lease the equipment and so I am liable for the payments (which they say is in the contract)

I asked why they have taken so long to contact me and the debt company said they have had problems locating where I live!! I dont understand this as I am on the electrol roll etc, and I am certainly not hiding.

Payplan have asked me to send the information in to them and they will see about adding it on to the IVA, but my worry is I have already added a debt on to the IVA and I think this one will tip the balance over what the IP is allowed to add on.

Oh no...does this mean I might have to go bankrupt for the sake of £2500 debt. I have been doing so well in my IVA and have been managing to pay in up to £150 in extra every month from my overtime.

Sorry for rambling, does anyone have any views.

Sharon x

[MelanieGiles]

Your IP should have advised you that the creditor is bound by the terms of your IVA if they were entitled to receive notice of it at the time creditors were first circulated.

You may need to increase your payments, or make some more at the end, in order to guarantee the dividend already pledged.

[SharonR]

Hi Melanie
I think I remember them saying that last time actually.

Thanks for the help.

Sharon X