www.iva.co.uk

Hi

Please help!

The IP handling my IVA has been struck off. I only found this off my accident when I realised that my iva payments were bouncing back into my accounts. I'm embarrassed to say it was months before I noticed. The company that took over made no contact with me, so I tracked them down. They were totally useless and kept saying they'd send the details so it could re-start but never did. And, this is where I've only got myself to blame, I just let in drag on. Long and short of it is that they've now informed me that my IVA has been terminated. I'm terrified, because in the interim I've started by own limited company of which I'm a director. What happens now? Will they make me bankrupt? Can I take out another IVA - I am willing to pay!! Just very worried that they'll do something to the business because it's half mine and half my biz partners and I'd never forgive myself if my balls up ruined everything. Any advice much appreciated.

Hi and welcome to the forum.

Which company are/were you with and who was the IP that was struck off?

You can try for another IVA - speak to a couple of companies via www.iva.com and take advice from them.

Did you not attempt to discuss a joint business venture with your then IP to ensure protection for your partner from your creditors?

Dont panic as there are never problems only solutions.

If you have in fact had the previous IVA terminated then I would be tempted to contact a few companies to get their advice on a way forward.

If an IP is struck off,it would be standard practice for someone else to take over the running of it so no idea why this hasnt happened unless your IVA firm was run by one IP who has been naughty!!

Paul

Hi all,

Thanks for responding. I don't know the ins and outs of what happened to the guy who was my original IP - just that he did an overnight flit! - but my IVA was transferred to Grant Thornton. Paul/PlasticDaft, no I didn't have the conversation about the joint business venture because my understanding at the time was that an IVA doesn't prevent you from becoming a Company director...plus I was planning on completing the IVA, so didn't see that there would be a problem. Could anyone advise me of the following?

- How likely would it be that I'd be granted another IVA as I've failed the first one and it was my fault?
- Can they count the business as an asset? I should point out that the business has no debt whatsoever (overdrafts/loans/etc) and we are breaking even but don't have thousands in the bank.
-How likely are they to make me bankrupt? I have no personal assets at all (I don't own a house and my car is the same one I had when I took out the IVA and last valuation was about £300!)

I'm really panicking so all help appreciated!! Thank you

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3

Hi and welcome to the forum.

Which company are/were you with and who was the IP that was struck off?

You can try for another IVA - speak to a couple of companies via www.iva.com and take advice from them.

Hi all,

Thanks for responding. I don't know the ins and outs of what happened to the guy who was my original IP - just that he did an overnight flit! - but my IVA was transferred to Grant Thornton. Paul/PlasticDaft, no I didn't have the conversation about the joint business venture because my understanding at the time was that an IVA doesn't prevent you from becoming a Company director...plus I was planning on completing the IVA, so didn't see that there would be a problem. Could anyone advise me of the following?

- How likely would it be that I'd be granted another IVA as I've failed the first one and it was my fault?
- Can they count the business as an asset? I should point out that the business has no debt whatsoever (overdrafts/loans/etc) and we are breaking even but don't have thousands in the bank.
-How likely are they to make me bankrupt? I have no personal assets at all (I don't own a house and my car is the same one I had when I took out the IVA and last valuation was about £300!)

I'm really panicking so all help appreciated!! Thank you

I personally would talk to another IP to gain a professional view. You can find a list at the comparison site www.iva.com just be upfront and honest about everything and a good IP will iisten and advise accordingly. x

I agree with Lesley - take further advice and then think about the direction you want to travel in to resolve your issues.

Hi

If your IVA has failed it may be possible to propose a new one.

It is unlikely your creditors will make you bankrupt

Regards

I've presented quite a few new IVAs for people whose first attempts have failed - and so long as you remain committed and are trying again for the right reasons you should be encouraged to do so. I would, however, be concerned that you had not noticed that your IVA payments were being returned - keeping a tight control over your payments and budget is essential to the success of an IVA.