Can more debts be added to IVA ?

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john775
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by john775 » Tue Dec 26, 2017 9:10 pm
I'm with vanguard insolvency and signed my proposal and just found more debts that was not already on the proposal can these be added now the proposal has been signed by me and my partner
Last edited by john775 on Thu Dec 28, 2017 3:14 pm, edited 2 times in total.
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kallis3
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by kallis3 » Tue Dec 26, 2017 10:09 pm
You need to get in touch with your provider - you will probably have to redo your proposal.
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Foggy
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by Foggy » Wed Dec 27, 2017 10:14 am
It will depend on the amount of the missed debt and why they were left out as to any effect it might have. But, as Kallis suggests, the proposal would have to be re-worked and the new creditors given time to consider their vote.
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jonathah
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by jonathah » Thu Dec 28, 2017 12:14 am
No offence but how did you er...lose the debts in the first place?
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SteveUK
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by SteveUK » Thu Dec 28, 2017 10:17 am
jonathah wrote:
No offence but how did you er...lose the debts in the first place?


It's quite easy, at the start we were overwhelmed by the larger debts and a couple of smaller ones were missed and added as they came to light. The last one was about 6 months before the end of Debs IVA and according to Payplan took the total added to just over the amount the IP is allowed to add without a meeting but by such a small amount that the IP used his discretion. I think they said 10% was allowed but I don't know if that is a fixed amount or different in every case.
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john775
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by john775 » Thu Dec 28, 2017 3:10 pm
jonathah wrote:
No offence but how did you er...lose the debts in the first place?

when I started this process is when through fortis then they pasted it on to vanguard it is a joint iva with my partner they had missed debts of the proposal fortis said they would do credit check on us both when we both done our own credit check we found there was debts missing of the proposal
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kallis3
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by kallis3 » Thu Dec 28, 2017 3:38 pm
It's not a joint IVA but an interlocking one between you.
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john775
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by john775 » Thu Dec 28, 2017 5:29 pm
kallis3 wrote:
It's not a joint IVA but an interlocking one between you.

maybe not a joint iva I asked a question somebody replied with a question of there own weather it is a joined iva or a interlocking one the point is I was answering a person question :?
Last edited by john775 on Thu Dec 28, 2017 5:34 pm, edited 2 times in total.
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kallis3
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by kallis3 » Thu Dec 28, 2017 5:33 pm
I was just commenting, I'm not sure I understand your last post?
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Foggy
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by Foggy » Thu Dec 28, 2017 5:44 pm
john775 wrote:
kallis3 wrote:
It's not a joint IVA but an interlocking one between you.

maybe not a joint iva I asked a question somebody replied with a question of there own weather it is a joined iva or a interlocking one the point is I was answering a person question :?



We often point out the difference when a joint IVA is mentioned --- not to correct the poster, but for the information of other readers.
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