is this allowed ?

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shirlian

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Post by shirlian » Sun Apr 06, 2008 10:28 pm
my husband and i entered into an iva dec 06 we have had several problems firstly the ip sent an annual report to creditors stating we hadnt kept our payments upto date,we had and i have proof from my statements,the ip say they dont have the money and its upto me to find out where it has gone,i quizzed them and they said 6 weeks ago they would send me a statement,they havent,also a motor loan which was taken out in my name for our business and which was paid and upto date was without our knowledge added to our iva by the lenders nearly a year into our iva,the ip say that they now whant us to pay the monthly hp payment of £422 from our business acc into and ontop of our £453 we already pay,we were going to sell the vehicle as we could no longer afford to run it,so i rang the lenders in feb 08 for a settlement fee thats when i found out it had been entered as extra to our iva,is this allowed as originally our advisor told us we must not enter the vehicle finance as it was a business vehicle,if this is correct can i enter other business debt that my husband stood personal guarantor for
 
 

MelanieGiles

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Post by MelanieGiles » Sun Apr 06, 2008 10:32 pm
Hi Shirlian and welcome to the forum

There does seem to be a lot of misunderstanding here between you and your IP firm. Which firm are you using as a matter of interest?

Firstly all personal debts, whether they were tangible or congingent should have been included in the IVAs - so if you had bought a car on an unsecured loan then this should have been included from the start.

Is the business you refer to a sole-trader, partnership or limited company? It sounds as if it is a limited company, so you cannot be held personally responsible for the debts of that company unless you guaranteed any of them personally. Is the company still trading? And whose name was the car finance agreement raken out in?
Last edited by MelanieGiles on Sun Apr 06, 2008 10:32 pm, edited 1 time in total.
Regards, Melanie Giles, Insolvency Practitioner
 
 

shirlian

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Post by shirlian » Mon Apr 07, 2008 10:13 am
thanks for the reply,the company is ltd and still trading,we entered into our iva because we were unknowingly being poisoned by lead and other contaminants in our water supply at our rented property,the business had just started and i and my children became very poorly i couldnt work and my husband was taking time off to look after us,this is when the debts mounted up ,the ip we used initally were mackenzie,goldberg and johnson,they have since changed to debt free uk,(simon j westhead) this is where the probs started ,we were initally told not to enter anything in our name to do with the businessthat we guarantored,like i said we are now in the position of having ge money adding a motor loan in my name to the iva a year later,we also have the problem with the missing payments that the ip cannot find,even though my stats prove otherwise,can you tell me what happens now with the vehicle will the finance be shown as clear if we want to sell it or am i lumbered with it,and is there anythingt i can do with any other debts that my husband guaranteed.i am getting so down with everything i was wondering whether bankruptcy would be better to wipe off everything,but if i can add the other debts to the iva that would help where to we stand
 
 

MelanieGiles

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Post by MelanieGiles » Mon Apr 07, 2008 10:24 am
Is the car agreement in the name of the company or yourselves? And what is the car worth compared to the outstanding settlement figure? Could you also confirm detail of the other debts you guaranteed personally - which could well be bound under the terms of the IVA in any case whether creditors were circulated or not.
Regards, Melanie Giles, Insolvency Practitioner
 
 

ianmillington

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Post by ianmillington » Mon Apr 07, 2008 10:31 am
Your situation is not straightforward I'm afraid. The topics you require advice on are somewhat technical and to give other than generic advice without sight of the paperwork would be problematic.

However, generically - all credit agreements you signed up to in your own name should have been included in your IVA. This includes guarantee liabilities. Bear in mind though that if you guarantee say a finance agreement on a car the finance company, on learning that the guarantor is in an IVA, might then repossess the vehicle (on the presumption that the guarantee is now worthless.

Creditors who were not notified are bound by the IVA and there are rules as to how they must be dealt with, too complex to discuss here. However, depending upon the terms of the proposal, inclusion of these debts might be breach of the proposal. The fact that an not - notified creditor is bound may well account for the action taken by the lender.

Because of the complexity of the situation you need to discuss your problem at a face to face meeting with an IP or an insolvency lawyer, who can take a look at the papers.

Ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
 
 

shirlian

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Post by shirlian » Mon Apr 07, 2008 10:39 am
the car is in my name and registered keeper is the business it was bought as a taxi from cab direct,the car has been paid for monthly by the business with no defaults,the other main outstanding debt we have is an overdraft,we changed bank accounts dec06 we had a business credit card which was paid monthly in order to close the lloyds acc i arranged for the payment to come from our new acc lloyds bank refused to take payment from our new acc this went on for months they kept telling me they would sort it,well they didnt and last week i recieved a letter from their solicitors stating they want 5k from us 3.5k in outstanding debt and the rest is bank charges i have refused to pay there bank charges ,i have no idea what the value of the car would be when i rang the finance company to get a settlement figure noone would speak to me saying its gone to bankruptcy,this is when i first found out it had been added,it has 2 years payments left at £422 per month so i guess thats whats left,the value of the car i would estimate 6k,we dont need the car and it was our intention to sell it and pay finance off until it was added to iva
 
 

ianmillington

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Post by ianmillington » Mon Apr 07, 2008 10:49 am
You urgently need to consult an insolvency expert in a face to face meeting as you need to know your options. Your situation looks like it is spiralling out of control.

Ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
 
 

shirlian

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Post by shirlian » Mon Apr 07, 2008 11:03 am
thanks for the reply,i have had some trouble in even getting a phone call back from the ip,i have been waiting for weeks to recieve from them a statement of acc,which they initally wrote to me and told me that acc was in arrears,it was not,i have also asked them why i was told not to enter car agreement into iva and now im told it should have been along with it looks like the lloyds debt,do you know whether we can sell the vehicle and pay that money into the iva,also when i rang the ip,the lady kept telling me she had to remind me to pay each month,i politely advised her she had the wrong person,i also advised her that it looked like i had infact made 3 overoayments,she laughed at me and said i doubt it very much,also if our annual report was incorrect by them saying they had not recieved all payments can i get it changed,ive posted here for thje very reason that i am getting no proper advice from my ip,hope you can help
 
 

MelanieGiles

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Post by MelanieGiles » Mon Apr 07, 2008 11:05 am
It sounds to me as if you are approaching having grounds to make a complaint directly to the IP about the way you are being treated. I suggest a full letter be penned and sent highlighting all of the difficulties and askind him to step in personally and intervene. If you get no joy with that, ultimately the IP's regulators may have to become involved.
Regards, Melanie Giles, Insolvency Practitioner
 
 

ianmillington

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Post by ianmillington » Mon Apr 07, 2008 11:20 am
Can I suggest you give Julie Fordham, the Manager at DebtHelp UK, a call to sort this out?

She can be contacted on 0845 8866681

Ian
Last edited by ianmillington on Mon Apr 07, 2008 11:33 am, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
 
 

shirlian

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Post by shirlian » Mon Apr 07, 2008 11:45 am
hi ian i have just written a letter to simon j westhead as it was infact julie fordham who i have been dealing with and have had no joy,i am still waiting weeks later for a statement she was sending immeadiatley,i am also waiting for phone calls to be returned ,that were made weeks ago,and it is also the same person who laughed on the phone to me when i suggested that an overpayment may have been made,i have also been given no explanation as to why i was told in the first place not to include the finance agreement and now i am,all i am told is it should have been,it was a different person i dealt with when the iva was taken out,the company i believe and staff originally ther have changed?
 
 

ianmillington

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Post by ianmillington » Mon Apr 07, 2008 11:52 am
Hi

I have a feeling you will be contacted soon.

Ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
 
 

shirlian

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Post by shirlian » Mon Apr 07, 2008 12:17 pm
thank you a few things on the way to being sorted thanks for your help,as i have just said in my phone call,i came to this forum for advice because i felt i wasnt getting it anywhere else and things were really getting me down again,you have been great and hopefully we can get problems sorted with our ip,thanks
 
 

ianmillington

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Post by ianmillington » Mon Apr 07, 2008 12:19 pm
Keeping the wheel on is all part of what we're here for. You are welcome and I hope you get things sorted.

ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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