Where do I stand if a friend I lent money to is now in an IVA?

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Post by kate243 » Thu May 16, 2019 8:41 am
I stupidly lent money to a very good friend who then didn't pay it back. I took out a court order against her but she then took out an IVA. She owes a lot of money to banks and lending companies as well as myself. Although I voted against the IVA the big companies didn't so I basically have lost most of my money! I have only ever received one small payment from the IVA company and that was back in Nov 2017. It is nearly impossible to get a response from them and they just say there are insufficient funds despite the fact that the friend is apparently paying them on time. Where do I stand with this - I feel completely ripped off. The big companies can afford to lose their money but I cannot!


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Post by Foggy » Thu May 16, 2019 9:34 am
I am afaid that there is very little you can do as a small creditor -- you are bound by the will of the others. You should, however, be being paid your share of the dividend along with the other creditors, unless this was set aside at the original creditors 'meeting' --- a copy of the Chairman's Report of that meeting should have been sent to you, detailing any changes to standard terms.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Thu May 16, 2019 12:29 pm
I'm afriad you need to chalk it up to a bad experience and write the debt off.
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
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