Will my IVA fail

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1

Mark123

Posts: 2
Joined: Thu Sep 20, 2018 12:15 pm

Post by Mark123 » Thu Sep 20, 2018 12:35 pm
Hi, I really need advice. After my long term partner left our home, I have had to apply for a IVA. Most creditors have been excellent I think due to my payment history in the past. However one company has said i lied to them about my outgoing (which in fairness i did but was desperate to cover an emergency I will be honest) now I am really scared my application for iva will fail because they may say it was fraud. The amount is £200 of a debt of £8761 should I be worried or will it work out. I haven't slept properly in days. Thank you for any help advice.

kallis3

User avatar
Forum Expert
Posts: 74287
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Sep 20, 2018 12:52 pm
You need to speak to your prospective company asap and explain this to them. I am curious to know how your creditor knows about your outgoings.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

User avatar
Forum Expert
Posts: 28553
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Sep 20, 2018 12:54 pm
What, exactly, was the lie ? And how were you "found out"?
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

Mark123

Posts: 2
Joined: Thu Sep 20, 2018 12:15 pm

Post by Mark123 » Thu Sep 20, 2018 1:19 pm
Will my iva application fail?
Sorry to re write this but my activation email hasn't arrived.
I have applied for a IVA,
My credit history has been good but partner leaving has left me with all debt.
Basically I called the company's who are due a payment today to explain my position. All the mainstream company's were fine. One of those asked me why I couldn't pay and I told them it was due to partner leaving and not having the funds to cover all outgoings. Ie loans.
They said i have lied to them about my outgoing.
I told them my outgoing was £32 per week on loans when realistically it was £150 per week. I did this because my partner cleared me out and I needed to make payment on my car that day.
Because I lied about the amount they got shirty and said i was being referred to the investigation team for fraud. And they won't accept an IVA, which in turn made me panic a bit. It's only 200 but I don't have the funds to clear it, it's a minute amount of the debt of over 8 grand. Can they scupper the whole process for me? I am that fed up I just feel like quitting my job and going bankrupt and sending my car back to the finance company and calling it a day.

MerlinL14

User avatar
Posts: 1618
Joined: Sun Oct 30, 2011 2:44 pm
Location:

Post by MerlinL14 » Thu Sep 20, 2018 1:27 pm
I doubt they will start fraud proceedings, as a lender they also have a duty to make sure you can afford the loan repayments. Scare tactics to possibly get you to pay the loan off before you go into an IVA. Put it on the back burner and continue with your plan 'A' .
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

Foggy

User avatar
Forum Expert
Posts: 28553
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Sep 20, 2018 1:30 pm
If they have over 25% of your total unsecured debt, they could have the power to stop the IVA. On the day of the meeting you will need at least 75% of those who vote to say yes ( that is 75% by value of the debt, not 75% by numbers voting voting).

You have probably been speaking to a collections team, who, from experience, do not know what they are talking about and will say anything to bully a payment out of you.
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

kallis3

User avatar
Forum Expert
Posts: 74287
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Sep 20, 2018 1:33 pm
Ignore the call centres - they are scaremongering you! Who votes for what is nothing to do with them. Do not worry about fraud - it won't happen.

Are all of the debts your alone?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”