www.iva.co.uk

i have paid into a iva for 3 years then my ip embellezed my money.another company took over and i refused to pay.i have paid 17,000 into it and only 2 years to pay but the other company did not have any original records what willhappen?

Hi Lee and welcome to the forum. If you do not pay your IVA it will fail and you will be back to square one with your creditors, you will have to either negotiate with them, declare bankruptcy or enter an organised DMP. Has your IVA failed? x

Are you saying that you had a formal IVA in place, and the IP stole the money you paid in without paying anything to creditors? If so you have a serious complaint - to the IPs regulator and to the police for theft.

This seems very strange - who was the initial IP and which firm are you with now?

It does seem odd - how do you know that your ip stole the money?

Hi and welcome. The embezelment question sounds serious, but don't let it threaten the success of your iva by withholding payment unless this has been approved by your current IP.

Are there any bank records of where the money went from your account, which could be tracked back somehow to show that payments were made into a IVA account at the IP's bank?

You should have had annual reports showing who the money has been paid to. Inaiva is right as well - your bank statements should show you exactly where the money has gone.

The paperwork shouldn't be an issue for you as you can provide your copy of the proposal, chairman's report, annual reports etc and all your creditors will have copies as well. As the others have said your bank statements will show what monies have been paid and also a copy of the DD form if that's how you paid. Perhaps one of the professionals can advise whether the money was stolen from the OP or the creditors and who should pursue police action? Also, whether the OP should continue his IVA as normal during this time and the investigation?

It would be interesting to know who the companies are.

I think that the OP should probably continue to pay as it will almost certainly fail if he doesn't.

Let's hope he has kept the original paperwork and it is to hand.

Hi Lee9 - I think to continue too...just to put yourself beyond reproach until you can get to the bottom of what happened and be fully aware of your legal position. Do you feel you can work with the new company to discuss the legal issue of embezzlement and address your outstanding debt? I may be totally wrong but see the two as separate issues as your debt liability for the remaining two years surely remains.

I would certainly recommend speaking to your new IP to see what has happened.

If there has been any criminal activity I would have thought that it would have shown up when the company was taken over.

I agree that the debt still remains and so you should continue the payments.

You also may find the new company has taken over the old companies liabilities. You need to sppeak to the new company ASAP to find out what happening - i would be tempted to still pay contractual payments.

I would however be careful about using the word "stole money" - until this has been proven.

I wish the OP would come back and give us some more details. We might be able to advise further.

Is this a serious post - if so I would be definately writing to the relevant bodies and making huge complaints, the police would have been called in by now too !

Lee - come back and tell us more so that we can guide you and support you on this one !

I have wondered that myself Luluj. Unless proved otherwise though we have to assume it is.