I've been in an IVA since 1st March 2020 with The Insolvency Practice Ltd and I found out that one of my creditors (Bamboo Loans) didn't attend the chairs meeting, nor agreed to the IVA etc. I have previously contacted them (advised from my IVA company) and sent them my MOC paperwork, but they replied saying that it will all go through to the recovery dept etc.
So today, I have received a letter of default about payment and breaching the loan agreement etc. Soooo what should I do? Should I ring them up again? Ring my IVA company? Or just leave it?
I'm a little bit stressed, as I haven't told my parents about me entering an IVA (and I live with them) so I'm worried someone will come knocking at my door....
It is usual to get a default notice, although many creditors seem to supress them and we never see them. However, if the IVA was accepted at the Creditors Meeting then Bamboo are bound and can do nothing about it. Pass copies of the paperwork to your IP, who should be dealing with this themselves rather than asking you to do their job !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
It's nothing to worry about. Nobody will come knocking at your door. Your IP needs to sort it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk