I've just been informed my IVA has been failed

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jo385
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by jo385 » Mon Sep 25, 2017 9:15 am
I've just been informed my Iva has been failed. Can I stop this?
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Foggy
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by Foggy » Mon Sep 25, 2017 9:29 am
If it hasn't actually happened yet you can challenge it. The IP needs to explain why it is being failed and why (if appropriate) why you have not been given a chance to correct whatever has lead up to this, assuming that you haven't been.
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jo385
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by jo385 » Mon Sep 25, 2017 9:38 am
Ive been on the phone to payplan this morning and they say they can't stop it as the creditors have agreed to fail it due to missed payments. Yes, I did miss payments but I paid an extra £500 towards the arrears and then my mum got rushed to hospital and the Iva was the last thing on my mind. I missed an email from them on 1 august saying that my offer of paying the additional arrears "as and when" wasn't good enough and that they were putting my payments up. I then received a letter in the post Friday saying they had a meeting with the creditors and it was agreed to fail it.

I'm in pieces. Just don't know what to do now.
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Foggy
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by Foggy » Mon Sep 25, 2017 9:54 am
Ah .. Payplan. Sorry - not the easiest firm to deal with. How long had you been in an IVA ?

They might well suggest trying a DMP --- how much do you owe and do you rent or own your home ?
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jo385
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by jo385 » Mon Sep 25, 2017 10:07 am
Since July 2013. They have suggested a DMP but said someone will get back to me about this.

I've read on here to contact my IP. Who would that be?

I live in a mobile home which was bought by someone else but I don't pay rent.
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Foggy
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by Foggy » Mon Sep 25, 2017 10:12 am
jo385 wrote:
Since July 2013. They have suggested a DMP but said someone will get back to me about this.

I've read on here to contact my IP. Who would that be?

I live in a mobile home which was bought by someone else but I don't pay rent.



Your IP will be the person named as Supervisor in your proposal document.

OK -- assuming your mobile home belongs to this other person it would npt form part of any future debt solution you try. How much is your total debt ? Have you looked at maybe a DRO, if your disposable income is below £50 per month and debt below £20k. Or even bankruptcy as long as it won't affect your job ? Other than that another IVA with a more sympathetic company.
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jo385
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by jo385 » Mon Sep 25, 2017 10:19 am
Thank you but i think it's still more than £20000. On the payplan website it tells you who your debtors are but not how much you still owe. Not helpful at all!

Would it be sensible to get in touch with the debtors? They aren't the original debtors so the debts must have been taken over.

I didn't think I would be able to do another IVA after failing one? Who would be the best company to use?

Thank you.
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Foggy
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by Foggy » Mon Sep 25, 2017 10:26 am
I am not allowed to suggest companies to you, other than suggesting a look around the forum to see who are good and not so good. I would go so far as to advise a smaller company, rather than these faceless "IVA factories" and there are a couple of those who post here regularly, helping clients and non-clients free of charge as well as, of course, the forum sponsors.
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jo385
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by jo385 » Mon Sep 25, 2017 10:44 am
Will do. Thank you.

Currently on the phone to payplan asking to speak to my ip and being told he doesn't take incoming calls!

They are telling me because it's come from the creditors there's nothing they can do.
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Michael Peoples
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by Michael Peoples » Mon Sep 25, 2017 10:53 am
It does seem unfair that your own IP firm cannot help you and your IP will not even speak to you. It does sound like bankruptcy is an attractive option for you so give that option serious consideration. If you wanted to propose another IVA it could be done but would it be the right thing for you?
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Foggy
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by Foggy » Mon Sep 25, 2017 12:51 pm
jo385 wrote:
Will do. Thank you.

Currently on the phone to payplan asking to speak to my ip and being told he doesn't take incoming calls!

They are telling me because it's come from the creditors there's nothing they can do.


Once again, they are peddling mis-information or variations of the truth -- they will have approached the creditors without adequately discussing it with you first. As the meeting has been convened without your knowledge and the creditors have now sanctioned cancellation there is little they can do.

Payplan are of the opinion that the IP is above talking to clients and are singularly unhelpful in a crisis !
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Lisa Thomas
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by Lisa Thomas » Mon Sep 25, 2017 1:50 pm
I think that's their way of saying their IP is too important...

As creditors meeting has been held unless they are prepared to write again to creditors there will be little they can do to resurrect it.

If you have no assets you might want to consider Bankruptcy instead of a DMP or a DRO if debts can be brought under £20k.

https://youtu.be/mAkQsVSCnqo

https://youtu.be/BtgpEX5mNDg
redboxtree
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by redboxtree » Mon Sep 25, 2017 3:42 pm
Ask them to provide evidence that the meeting actually took place and ask for a copy of the documentation.

I find it strange that other people are struggling to get them o arrange full and final meetings yet at the same time they were able to progress this meeting.
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sheraz.butt
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by sheraz.butt » Tue Sep 26, 2017 7:37 pm
That is unfortunate.
Once the IVA has failed, generally they don't tend to re-open.

This doesn't mean you can look into another IVA as the debts are now outstanding again and unsecured.
I think looking at all your options again is going to be key so you can get the best solution based on your circumstances now.
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luluj
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by luluj » Tue Sep 26, 2017 7:46 pm
Sorry it has come to this during circumstances beyond your control within the family.

Take some advice as suggested and consider all options. Bankruptcy may be a solution considering you do not own your home but use this time to gather advice to enable an informed decision.
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