I was in an IVA over 8 years ago, but never completed it

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Greg647
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by Greg647 » Tue Oct 03, 2017 12:31 pm
Hello
I was in an IVA over 8 years ago, but never completed it, never got any documentation stating it failed, I can find my details on the insolvency register and have now found myself in more financial trouble. Who is the best person to speak to to resolve this?
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Foggy
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by Foggy » Tue Oct 03, 2017 12:39 pm
I would suggest a chat with a couple of insolvency firms to discuss the situation and options. If you are not on the Register ( assuming your post included a typo) you would probably have to start again. The debts in the old IVA might well be statute barred ... but that doesn't mean they have gone away, so be careful of opening tins of worms.

A failed IVA which you appear to have simply walked away from will not endear you to creditors and it might take some humble pie to get them on side. It might even be that an IVA isn't the right solution, which depends upon a multitude of things.
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sheraz.butt
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by sheraz.butt » Tue Oct 03, 2017 12:50 pm
I would also check your credit report to see what debts are showing up on there.

Speak to a couple of firms as they will be able to go through your options and the best way to move forward.
Greg647
Posts: 5
by Greg647 » Tue Oct 03, 2017 12:56 pm
sheraz.butt wrote:
I would also check your credit report to see what debts are showing up on there.

Speak to a couple of firms as they will be able to go through your options and the best way to move forward.



Nothing showing on clearscore or experian? Just current debts
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Ryan
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by Ryan » Tue Oct 03, 2017 1:26 pm
Greg,

On your credit reports if you haven't provided a full address history going back to when you began the IVA it might not show everything on there - best to edit your personal information and add the addresses to obtain a true report if that is the case.

Regards
Greg647
Posts: 5
by Greg647 » Tue Oct 03, 2017 1:59 pm
Foggy wrote:
I would suggest a chat with a couple of insolvency firms to discuss the situation and options. If you are not on the Register ( assuming your post included a typo) you would probably have to start again. The debts in the old IVA might well be statute barred ... but that doesn't mean they have gone away, so be careful of opening tins of worms.

A failed IVA which you appear to have simply walked away from will not endear you to creditors and it might take some humble pie to get them on side. It might even be that an IVA isn't the right solution, which depends upon a multitude of things.


Thanks Foggy. So with these in mind will they push for Bankrupcy?
Greg647
Posts: 5
by Greg647 » Tue Oct 03, 2017 1:59 pm
Ryan wrote:
Greg,

On your credit reports if you haven't provided a full address history going back to when you began the IVA it might not show everything on there - best to edit your personal information and add the addresses to obtain a true report if that is the case.

Regards


So with these in mind will they push for Bankrupcy? Booked in to see an IP tomorrow
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Foggy
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by Foggy » Tue Oct 03, 2017 2:29 pm
Greg647 wrote:
Foggy wrote:
I would suggest a chat with a couple of insolvency firms to discuss the situation and options. If you are not on the Register ( assuming your post included a typo) you would probably have to start again. The debts in the old IVA might well be statute barred ... but that doesn't mean they have gone away, so be careful of opening tins of worms.

A failed IVA which you appear to have simply walked away from will not endear you to creditors and it might take some humble pie to get them on side. It might even be that an IVA isn't the right solution, which depends upon a multitude of things.


Thanks Foggy. So with these in mind will they push for Bankrupcy?



Bankruptcy is an expensive option for a creditors to push for and usually has little return unless you have substantial equity or assets.
Greg647
Posts: 5
by Greg647 » Tue Oct 03, 2017 2:47 pm
Foggy wrote:
Greg647 wrote:
Foggy wrote:
I would suggest a chat with a couple of insolvency firms to discuss the situation and options. If you are not on the Register ( assuming your post included a typo) you would probably have to start again. The debts in the old IVA might well be statute barred ... but that doesn't mean they have gone away, so be careful of opening tins of worms.

A failed IVA which you appear to have simply walked away from will not endear you to creditors and it might take some humble pie to get them on side. It might even be that an IVA isn't the right solution, which depends upon a multitude of things.


Thanks Foggy. So with these in mind will they push for Bankrupcy?



Bankruptcy is an expensive option for a creditors to push for and usually has little return unless you have substantial equity or assets.


I have neither so guess it's not an optiuon for them
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