I’m a creditor - what are my rights?

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nick584
Posts: 2
by nick584 » Mon May 07, 2018 8:37 pm
As a creditor, I have been sent a request for an IVA from a debtor of mine ( a personal aquaintance). However, the IVA has not been agreed and I hold 41% of his total debt. Proir to me receiving that paperwork, I had a county court judgement entered against the debtor and will be shortly be receiving attachment of earnings payments. Does this judgemnt effectively trump the IVA so I can be removed as a creditor from the IVA before it is agreed? I'm not really sure how it works. I'm the only private creditor out of his list of 10 and I cant afford to accept the 29p in the £, that I am being offered with the IVA. I just want to continue getting the payments from his employer.

Any help clarifying would be really appreciated
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SteveUK
Posts: 51
by SteveUK » Mon May 07, 2018 10:19 pm
As you hold such a high percentage of his debt the IVA can't go ahead unless you agree but that doesn't stop him going bankrupt where you may get a much lower payout.

IVA trumps CCJ and Bankruptcy trumps both.
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nick584
Posts: 2
by nick584 » Tue May 08, 2018 11:18 am
Thanks for the reply Steve. Does this stay the same if I have an attachment of earnings order?

The other thing is the debtor has lied all over his income and expediture report, so I shall probably go back with a different monthly payment suggestion
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