Adding Creditors to my IVA

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sbeel

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Post by sbeel » Thu Sep 06, 2007 11:12 am
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Hi,

I have had my IVA for nearly two years, however when I took out my IVA I didn't include my peronal overdraft at the time, as I was a director of a company, and my personal bank account was with the same bank as my company's bank account, therefore I was concerned it would affect the company's bank account and credit rating if the bank realised I was taking out an IVA.

I have now left the company as a director and would like to know if it would be now possible to add my peronal overdraft to the IVA?

Thanks,
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Adam Davies

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Post by Adam Davies » Thu Sep 06, 2007 12:10 pm
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Hi
You will have to speak with your IP as they will need to decide on the action to take,it may mean a variation meeting.
You should include all unsecured debt when proposing an IVA.I presume that your IP knows nothing about this.
How much are we talking about ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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sbeel

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Post by sbeel » Thu Sep 06, 2007 12:20 pm
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£6000

Does it depend on the IP then?

Thanks for your help
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Adam Davies

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Post by Adam Davies » Thu Sep 06, 2007 12:56 pm
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Hi
If it will not affect the dividend too much the Ip can invite the creditor into the IVA without a variation meeting.However as it,s 6k you may find that the IP will have to call a variation meeting to ask your creditors to receive a lower dividend or to allow you to pay this debt outside of the agreement.
Can you afford to pay more into your IVA to cover this debt ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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sbeel

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Post by sbeel » Thu Sep 06, 2007 1:35 pm
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I could afford to pay more into my IVA as I'm currently paying back about £150 per month towards my overdraft however the interest charges mean I'm only actually reducing the overdraft by about £110 per month, so yes I could afford to pay more into my IVA.
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iva experts

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Post by iva experts » Thu Sep 06, 2007 5:01 pm
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Hello sbeel,

Please contact your I.P as soon as possible, as this is a problem how are you managing to pay the minimum amount of £150 per month? Your I.P is the best one to advise on this.

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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