I have been through an IVA and it was completed last year and creditors were paid out. I have since found one creditor that was not included in my IVA and I never realised I owed them money 5 years passed and now they are after the debt is there anything I can do about it
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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If you have admitted the debt you could have reset the statute barring period, allowing them to pursue the debt.
Was it totally forgotten about when you took out your IVA or was it included, but they simply never responded to it ? If it was totally left out then i believe they can pursue the debt and you have to come to some repayment agreement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would initially supply them with paperwork showing you have been in a successful IVA as long as the debt was pre your IVA being accepted. Depending on the size of the debt they may accept this and write off the debt.
I would also speak with your previous IVA supervisors who should be able to give you advice on how to handle.
Hope this helps
Was the debt incurred prior to the IVA? If so it would have been included, even though you didn't know about it, the creditor would still have been bound by the IVA terms.
They can challenge but will have to apply to Court for this.
Fri Jan 24, 2020 9:11 amLisa Thomas wrote:
Was the debt incurred prior to the IVA? If so it would have been included, even though you didn't know about it, the creditor would still have been bound by the IVA terms.
They can challenge but will have to apply to Court for this.
Lisa, surely this would apply if the debt was less that 10% of the total --- which, of course, it might have been. But, if the debt is more than 10% the creditor should agree to inclusion, or be given the opportunity to challenge, as well as the other creditors being able to reconsider the lowered overall dividend.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
