My IVA has become complicated

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joe274
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by joe274 » Fri Jun 15, 2018 8:29 pm
Hi, this is very complicated, I am now approaching the end of 5th year on my IVA, I have had an addition 12 months added due to no equity and the value of debt, I have made a few late payments from time to time but all have been paid and there is currently no arrears, I’ve been burying my head in the sand for the past 3years, I separated from my partner who owned the company I worked for, this quickly went into a spiral and the company was no more, I have been living with parents as am unable to afford to rent and credit checks would always fail and as a proud man refused to claim benefits, I have borrowed and been taken care of, additionally I have worked some small local private jobs for cash in hand and repaid my family debts and ensured that my IVA was always paid or had help paying it. I have had an email today saying that they have not completed an annual report since my very first one and I now need to complete and expenditure form which if I did would show a deficit and show me unable to make payment and risk failure of the IVA, also they want P60’s for the past 3 years, I don’t have any as my ex owned the company and it’s no more, and I’ve not paid any tax in the past 2 years as I’ve not earns enough to declare (I know I should have done regardless) I have no bank account as I deal either in cash but do have a prepay debit card, what am I to do, my father has offered a loan to make a full and final offer of the full outstanding balance but in order to offer this I’m asssuming I’d need to provide the information requested regardless, if it fails what would happen and how do I even begin to explain the past 3 years or even prove it? It’s a mess and I’m beyond stressed about the whole situation
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Foggy
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by Foggy » Fri Jun 15, 2018 9:23 pm
Worst case scenario is that you are made bankrupt (or make yourself bankrupt). As daunting as this sounds, on the face of it, it could be the best way out --- you have no assets to lose and no career to protect. BR would draw a line under all the debts.
Speak to your IP -- it is going to come out in th wash anyway ---- incidentally he / she is also guilty of failing in the supervisor's role by not having carried out their statutory duties, so is not blameless either.
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Lisa Thomas
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by Lisa Thomas » Mon Jun 18, 2018 3:02 pm
How long do you have left in your IVA?
Leetheflee
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by Leetheflee » Fri Jun 22, 2018 1:02 pm
Lisa Thomas wrote:
How long do you have left in your IVA?


Hi Lisa, had to create a new account as I put wrong email address when asking original question, I have 1 year left in September, I had an additional year added when the agreement was set out due to no equity
Leetheflee
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by Leetheflee » Fri Jun 22, 2018 1:04 pm
Foggy wrote:
Worst case scenario is that you are made bankrupt (or make yourself bankrupt). As daunting as this sounds, on the face of it, it could be the best way out --- you have no assets to lose and no career to protect. BR would draw a line under all the debts.
Speak to your IP -- it is going to come out in th wash anyway ---- incidentally he / she is also guilty of failing in the supervisor's role by not having carried out their statutory duties, so is not blameless either.


Really would like to avoid bankruptcy as my work involves in depth security screening and bacruptcy is frowned upon for some security clearances and is like to start a new business one day when my poor finances are behind me
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Lisa Thomas
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by Lisa Thomas » Fri Jun 22, 2018 1:50 pm
I expect you can get a copy of your P60 info from HMRC.

Hopefully you can put forward a settlement based on the last 12 onths payment from your Dad to finish the IVA BUT bear in mind you have not been paying your post IVA taxes for 2 years so will also need to deal with this debt too.
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Lisa Thomas
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by Lisa Thomas » Fri Jun 22, 2018 1:53 pm
What happened to your ex employer's company? Records still need to be maintained so he should still have kept them...
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