Desperate for advice. Set up an IVA and company has taken 1 payment of ££100. The IVA person has asked about shares I own. It seems that the value of them almost reaches the figure I would be paying.at the end of the IVA. To my knowledge neither of my 2 creditors have been approached by IVA person on my behalf. A friend made me very aware of the amount the fees cost. Would I be within my rights to make an offer to my main creditor, a bank and offer them the lump sum I could raise by selling the shares (more than the IVA is asking in total) or do I HAVE to stick to dealing with the IVA person talking to my bank, ? Advice urgently needed please. Thanks
If your iva has already been agreed and is in payment, I question why the declaration of share ownership was not done at the time of the proposal ? All savings and shares should have been declared at the outset which could have avoided the need for entering into a formal binding agreement.
If you are in an approved iva with shares that total the amount of your debt you could offer a full and final however your credit rating would continue to be impacted by the iva for a further six years.
I think you need to discuss openly with your iva provider
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Bottom line is that, if the IVA is, indeed, in place, you are in a legally binding contract with your creditors and IP. You are free to rip this agreement up, but, then, the other parties are free to pursue you for their agreed compensations, possibly through the courts.
You state, "To my knowledge neither of my 2 creditors have been approached by IVA person on my behalf." --- Does this mean that the presentation of the proposal to creditors for the IVA hasn't actually taken place ? If this is so and that first payment you mention is merely an upfront, pre-agreement, payment, then you are not yet in an IVA and can cancel the creditors meeting and deal with creditors directly.
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