My IVA failed in 2011 (although to date I've not received a certificate of failure). In fact, I've had no contact from my IP since they wrote and told me it had failed....and I'm ashamed to say I've just kep my head down and hoped it would go away. However, I'm keen to move on with my life, and am fed up of looking over my shoulder, so I'd like to properly deal with the situation once and for all. A friend has offered a no Interestloan to help me make a full and final offer. So my questions are: can you make a ff offer after such a long time? If you can, does your IP have to make the offer on you behalf? If an offer is accepted will the IVA show as settled on my credit report? For professional reasons I can't go bankrupt, so it's not an option
You can make an offer now - if the IVA is still in existence it may be possible, or you could let that fail and present a new one based on the full and final offer. I have done this often for clients of other firms and creditors are usually amenable to any sensible suggestions.
Try and do this through the medium of the existing IVA if you can, as a new one will set the 6 year credit rating clearance from scratch again.
Can I ask, is it normal practice that I've not heard anything in so long? That they/or my creditors have not taken action against me?
By way of background the IVA was taken out in 2008. There was a delay caused by the disqualification of my first IP and the transfer of my IVA to another firm, who I won't name, but have been slooooow. They had to trace my payments and make a claim againt the original IP's bond (he'd been paying my payments to himself - joy). However, everything after that has been caused by me burying my head.
Also, my biggest fear has been that they've made me bankrupt without my knowing? Is that possible?
Thanks Michael. I've just checked and I'm still listed as IVA. Does this definitely mean I've not been failed? No payments for a year, so I'd be surprised!
It could have been failed in the last three months as it takes that time for the removal from the register but check with your IP. Creditors may well look very favourably on a settlement given the previous problems. Your IP may put the offer forward to avoid any problems given that they surely should have failed the IVA by now!
Thanks Michael. Last question to you or Melanie...so if it has failed and I'm 99% sure it will have and that they've just not given me the form/certificate I'm supposed to have....can I approach another company to make a FF on my behalf WITHOUT taking out another IVA for a further 6 years, as that seems pointless?
And does a failed IVA drop off your record after 6 years? Or did it have to be settled to go from your record?
You could propose a one off IVA rather than a five year one but this is likely to remain on your credit file for six years from the date of approval. However, if the IVA has been failed the creditors will begin recvovery action again so your credit file may never clear up anyway.
Your best bet is to get the current IVA settled and the fact that you are on the register means there is a good chance it is still live. Ring the IP and ask and let us know. Getting this one settled would suit your credit file much better than a new one.
