Declined Iva

[gporter3319]

Just assuming my iva gets declined and I have already stopped paying my creditors, If I continued not to pay them (not through choice)would any of them be able to put any kind of restraint on my home?.Or would I just end up with a CCJ. All debts are unsecured. Gary

[iva_squirrel]

Hello Gary,

If more than 25% of your voting creditors vote to reject your proposed repayment arrangement then you will be back in the position you are in now .


If it does happen, first thing you need is to remain calm. There is an opportunity to submit an improved IVA proposal if your funds allow. Failing that it may be time to consider an informal payment plan or perhaps even bankruptcy. This is best discussed with a debt help and advice professional.

Kind regards,


Julia


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

[MelanieGiles]

Gary

To answer your specific question, any of your creditors could apply for a Charging Order over your home at any time. This involves an application to Court and, if granted, gives the creditor security against your property, for which they will require to agree a payment programme with you. If you fail to then stick to those payments, the creditor has the right to apply to Court for a possession and sale order.

So do watch that mailbag in the forthcoming weeks.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[lonely]

Hi Melanie

This is the first time I have heard of a charging order! I didn't think this was possible with unsecured debts. And I am really worried as one of my debts is with AMEX (a corporate card from a previous employer under my name). The debt is for £1200. Will they only try to do this if I cannot get an IVA agreed?

Thanks

[MelanieGiles]

Hi Gary

There is no certainty that any of your creditors will go for Charging Orders, but I am certainly seeing them more often these days.

AMEX are a snappy creditor, who employ an extremely efficient firm of solicitors called Brachers to deal with their debt collection. I am sorry to say that they are not afraid of starting legal action against defaulters, so keep an eye on the postbag and react accordingly.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk