My friend also has an IVA same as me but she doesn't post on here!
One of her creditor didn't know about her IVA in 2007 - they didn't vote and didn't file a claim. They are now saying they are not covered by the IVA and chasing payment. Her IP said that because their debt is less than 10% of her total debts the creditor has no choice but to be included in the IVA. The creditor says the debt is 11% of the total debt.
She wants them including, but the creditor is being difficult saying they are excluded and can chase the debt??
Any help would be appreciated!
IVA completed September 2014. Finaly debt free - final dividend 88p/£
Her creditor should have known about the IVA if they were included initially. They would have had chance to vote and claim.
If they didn't vote they are still included. She needs to check her Chairmans report to see who voted, and get her IP to sort this out.
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
Did your friend seek to include this creditor? Are they listed in the proposal? If this is an unsecured debt the creditor must be included in the IVA even if this causes a breach and possible failure.
This creditor is bound by the terms of the iva and if a minimum return is not likely to be attained for creditors an extension of the iva is a safe bet.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It needs to be checked out with the IP. Hopefully it is just a glitch with the creditor.
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
If this cannot be agreed, the creditor will have to go to Court and prove that they should not be included in the IVA. I suggest that they would probably not want to incur further costs in doing this, and that common sense will ultimately prevail. I am with your friends IP all the way on this one.
So - even if the creditor was not notified, was not given the opportunity to vote or submit a claim, they are still bound........even if it causes the IVA to fail by including it and reducing the dividend? I think that will please her!
IVA completed September 2014. Finaly debt free - final dividend 88p/£
If the IVA fails then she will be back to square one.
Hopefully she can get it included.
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
