Failed IVA

[benson]

Hello, my question is about our iva's. We started this process in 2005. My iva was completed by a f & f in 2007 after a long wait, my husbands iva by f & f was completed in oct 2009, he received his certificate jan 2010, it was marked FAILED?
We were gobsmaked and taken quite aback and in shock. We found the IP we used not very approachable.
The question is we don't know why it failed, is there anyway we could find out without contacting the IP?

[kallis3]

Hi Benson,

Just to let you know initially that I've deleted your duplicate topic!

Secondly, welcome to the forum.

What a strange thing to have happened? I wonder if they sent the wrong letter out by mistake? If it had failed then you would certainly have been chased by the creditors by now and the full and final would not have been accepted.

Which IP company did you use?

[benson]

Thanks for your reply, we have been chased by 2 of the creditors but they (presumingly) accepted the payment as we didn't get any notification of a different dividend paid to creditors. We didn't have anything else left to give them anyway as we lost EVERYTHING, home, pensions, endowment policies, car, you name it we lost it (managed to keep clothes and a bit of sanity) in order to arrange the f&f. I do not wish to at this moment in time mention the IP practice. Is there anything filed with any authority that would give us an answer.

[kallis3]

I actually have no idea about this - it just seems a bit strange if you have made a full and final and it was accepted.

Do you have proof that the money was paid across? That will help.

Try emailing the IP directly via this link - this is sometimes better than speaking to the office staff. You can find his/her details via this link:

http://bl.insolvency.gov.uk/fip/

[benson]

What would you class as proof that the money was paid across, we have a spreadsheet which states who got what.

[kallis3]

Do you have a bank statement which shows that the money was paid across to the IVA company?

[RHB]

When you say full & final do you mean that you gave a lump sum at the end in order to conclude your IVA. You would need proof of that I would imagine.

[Broke of London]

Hi - this is very strange! Have you checked your credit report to see whether you have been marked as completed or failed? Also, did you receive anything in writing to say that the F&F had been accepted? There seems to have been a breakdown in communication and I can't see any way around speaking to your IP to find out what happened. Was the f&f lump sum distributed to creditors? x

[kallis3]

It sounds like it to me, but benson will need to check and make sure that any monies paid across for that can be seen to have been paid into the IVA company.

[robbiegooner]

with my very limited knowledge could the payment have been seen as a windfall rather than a F&F ? (just an idea)

[kallis3]

Possible.

Benson - dig out all of your paperwork to do with this full and final and see exactly what it says.

[benson]

Hi people sorry for delay, dug out paperwork and read through, all available monies paid to IP has been paid out to creditors.

Reason for Failure; At a meeting of creditors held on -----2009, creditors resolved that I should distribute all funds being held and cease to act.

So to me in effect they have accepted the F & F but deemed the IVA a failure!!!!!!!!!!!!!

[benson]

Another question is how long does a debt stay active as such?

[Broke of London]

Hi - the debt will always be live as such and stay on your credit file. Even if you haven't heard from your creditors for a few years. It would be best to speak to your creditors direct or set up a new debt solution if you aren't servicing your debt at the moment. The debts will come back to haunt you xx

[benson]

We have NOTHING left,zilch,pennyless. So in a nutshell we are back to square one and lost EVERYTHING.