IVA finished but creditors still chasing

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robert498

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Post by robert498 » Thu Oct 25, 2018 2:21 pm
Hi,
We where wondering if you could answer our question.We have paid off our IVA but we have received letters from two of our creditors saying that we still owe them the original debit is this right ????

Foggy

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Post by Foggy » Thu Oct 25, 2018 3:03 pm
No, this is not right. As long as they were included in the IVA and the IVA concluded successfully the debt no longer exists. When did you finish and what, exactly did these letters say? Were they statements or demands ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

kallis3

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Post by kallis3 » Thu Oct 25, 2018 3:12 pm
I agree - you could mention it to your IP and ask them to sort it.
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Lisa Thomas

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Post by Lisa Thomas » Fri Oct 26, 2018 8:23 am
No - send the creditors a copy of your CC and ask them to update their records.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Lisa Thomas

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Post by Lisa Thomas » Fri Oct 26, 2018 8:23 am
(assuming these debts were pre unsecured IVA debts)
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

robert498

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Post by robert498 » Sat Oct 27, 2018 7:29 pm
Foggy wrote:
No, this is not right. As long as they were included in the IVA and the IVA concluded successfully the debt no longer exists. When did you finish and what, exactly did these letters say? Were they statements or demands ?
Thanks for your reply they were both included in the IVA The IVA finished on the 27th September that is when we got or Completion Certificates. On closer inspection of the letters it seems like they are both statements but they both say that our debit is still owed but they are not asking for payment. We think we will wait and see if any demands come in wanting payment.
Thanks for your advice

Foggy

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Post by Foggy » Sat Oct 27, 2018 9:08 pm
robert498 wrote:
Foggy wrote:
No, this is not right. As long as they were included in the IVA and the IVA concluded successfully the debt no longer exists. When did you finish and what, exactly did these letters say? Were they statements or demands ?
Thanks for your reply they were both included in the IVA The IVA finished on the 27th September that is when we got or Completion Certificates. On closer inspection of the letters it seems like they are both statements but they both say that our debit is still owed but they are not asking for payment. We think we will wait and see if any demands come in wanting payment.
Thanks for your advice
Creditors handle IVA accounting in different ways and some leave the "real" account dormant, but open while accounting for IVA receipts in a dummy account. This means the statements are still issued on the "real" account, but never show the true balance. They usually manage to supress the mailing of monthly statements, but, every now and then, one gets through and causes a panic. As you say, these statements are not actually asking for payment. Eventually their systems will catch up with reality.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

robert498

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Post by robert498 » Sun Oct 28, 2018 12:05 pm
Foggy wrote:
robert498 wrote:
Foggy wrote:
No, this is not right. As long as they were included in the IVA and the IVA concluded successfully the debt no longer exists. When did you finish and what, exactly did these letters say? Were they statements or demands ?
Thanks for your reply they were both included in the IVA The IVA finished on the 27th September that is when we got or Completion Certificates. On closer inspection of the letters it seems like they are both statements but they both say that our debit is still owed but they are not asking for payment. We think we will wait and see if any demands come in wanting payment.
Thanks for your advice
Creditors handle IVA accounting in different ways and some leave the "real" account dormant, but open while accounting for IVA receipts in a dummy account. This means the statements are still issued on the "real" account, but never show the true balance. They usually manage to supress the mailing of monthly statements, but, every now and then, one gets through and causes a panic. As you say, these statements are not actually asking for payment. Eventually their systems will catch up with reality.

Thanks for all your advice it has helped a lot ans as i said we will wait and see what happens next thanks again
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