Barclays default noticw after IVA

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Thormundo
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by Thormundo » Sat May 26, 2018 10:29 am
First time posting,

My partner has just entered an IVA agreement (yet to sign and send off the paperwork as a debtor was missing by mistake).

One of his creditors are Barclays, for a loan of roughly 25000. They agreed to his terms in the IVA.

Today, they have sent a notice of default, stating he has broken the term of entering a voluntary agreement.

They have told him he either has to withdraw his proposal of the IVA or pay the amount in full in 28 days, with debt collectors or court being the next steps should he not.

I'm worried sick, what do we do?
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Foggy
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by Foggy » Sat May 26, 2018 10:51 am
Thormundo wrote:
First time posting,

My partner has just entered an IVA agreement (yet to sign and send off the paperwork as a debtor was missing by mistake).

One of his creditors are Barclays, for a loan of roughly 25000. They agreed to his terms in the IVA.

Today, they have sent a notice of default, stating he has broken the term of entering a voluntary agreement.

They have told him he either has to withdraw his proposal of the IVA or pay the amount in full in 28 days, with debt collectors or court being the next steps should he not.

I'm worried sick, what do we do?


If the creditors meeting hasn't been held .. how did they signify agreement ?
Thormundo
Posts: 4
by Thormundo » Sat May 26, 2018 1:28 pm
Sorry to clarify- the meeting has been held and the IVA has been agreed by all creditors. It's just that my partner hasn't sent off the paperwork to accept on his side yet.
Thormundo
Posts: 4
by Thormundo » Sat May 26, 2018 1:29 pm
Foggy wrote:
Thormundo wrote:
First time posting,

My partner has just entered an IVA agreement (yet to sign and send off the paperwork as a debtor was missing by mistake).

One of his creditors are Barclays, for a loan of roughly 25000. They agreed to his terms in the IVA.

Today, they have sent a notice of default, stating he has broken the term of entering a voluntary agreement.

They have told him he either has to withdraw his proposal of the IVA or pay the amount in full in 28 days, with debt collectors or court being the next steps should he not.

I'm worried sick, what do we do?


If the creditors meeting hasn't been held .. how did they signify agreement ?





Sorry to clarify- the meeting has been held and the IVA has been agreed by all creditors. It's just that my partner hasn't sent off the paperwork to accept on his side yet.
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MerlinL14
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by MerlinL14 » Sat May 26, 2018 1:35 pm
Just sign and send off the paperwork, as long as you agree and have no further questions to your IP. Once your IVA company receives the paperwork you can just sigh and sit back knowing that they can't touch you with court or any other forms of 'punishment' they may wish to threaten you with. If you continue to get thretening letters let your IP know, he is after all getting paid to administer your IVA, get him/her to deal with them.
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Foggy
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by Foggy » Sat May 26, 2018 1:46 pm
I am guessing that you have just been sent a standard, computer generated, default. Some creditors manage to supress them, others don't. As Merlin says -- get the IVA running and Barclays will be bound by it regardless.
Thormundo
Posts: 4
by Thormundo » Sat May 26, 2018 5:31 pm
Okay thanks all, will send that off ASAP.
I did think maybe it was just computer generated but couldn't be sure and the threat to cancel the IVA worried me
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