www.iva.co.uk

hi, my iva was approved a week ago, but the problem is, a creditor phoned me asking for my loan repayment, i told them to contact my iva firm. when i checked the papers i signed, i found out that my loan account number and sort code was all wrong.
what should i do? is it possible that i will start all over again because of this?

Hey balutero, welcome to the forum. Don't panic, I'm sure this can be sorted for you. Please hang in there for one of the insolvency experts as they will know the procedure. You need to contact your IP and tell them straight away. X

What needs to be established first of all is that the creditor was initially informed of your intention to enter into a voluntary arrangement or if they are a creditor who did not receive notice of the meeting.

It may well be that the creditor is listed on the proposal, but somehow the person responsible for drafting the proposal has quoted an incorrect account number and sort code and that error was not identified before the proposal was sent out.

If that is the case, they are bound by the terms of the arrangement. Advise your Supervisor of the correct account number and sort code as soon as possible and request that he provides the crediotr with a copy of the Chairman's Report quoting the correct details.

Another possibilty (Though I get the impression this is not the case)is that you may have more than one debt with a creditor and have inadvertently only provided details of one of them. If that were so, there is an additional liability. The creditor would still be bound by the terms, on the condition that the inclusion of this other debt does not materially affect the other creditors.

I hope that it is a simple typographical error on the part of the Supervisor and as such is easily resolved.

An easy mistake to make, and as Cybus has said one which is fairly easy to rectify. I would let your Supervisor deal with this, it is of no real concern to you.