www.iva.co.uk

Can you please tell me what happens if the information given in a proposal is wrong?

Hello Daisy,

If the mistake seriously misled the creditors as to the extent of either a person’s assets or liabilities, this can result in the failure of the IVA and eventual bankruptcy. If it is proven that there was a deliberate intent to mislead, this will be treated as a criminal offence. If there is a small error, this will usually be ignored.

Kind regards,


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Hi Daisy

Are you about to enter into an IVA or are you already in one?

If your insolvency practitioner has drafted your proposal and there are errors you need to tell them immediately and put it right.

If you are already in an IVA and you have unintentionally omitted information about your creditors this should be ok as long as the debt does not significantly change the outcome and return to creditors as a whole. You must contact your insolvency practitioner immediately if any of the information previously given was wrong or has changed.

If you have omitted an asset or significant liability then the IVA Squirrel is correct. Again, you should still inform your insolvency practitioner ASAP.

Hope this helps.




AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

I concur with the above two posts. I would also reinforce the importance of contacting your IP as soon as possible if you feel that incorrect information has been given on your proposal.




Hope this information is of use

Regards. IVA Experts