i had iva accepted in dec 06 but sold my house as was being processed. iva company said creditors would now be directed back to me as iva had failed.
until today i have heard nothing from anyone courts iva or creditors in dec its six years since anything was discussed and over 6 years since my last payment was paid to anyone.
i didnt make anything other than deposit for my rented house from sale and i been on electral role since 09. should i reply to letter asking for £38000 in 7 days
your help would be appreciated. also a ccj the week before the iva was granted but i only found out about that on credit report site this year and have never been contacted about it[:(]
I assume that you are referring to a debt for the shortfall following the repossession and sale of your property? If so, you will need to contact the mortgagee to discuss terms of settlement. They will probably accept payments by instalments, or alternatively you could look at declaring yourself bankrupt.
melanie, no the house was privatly sold also in dec 06, and after sale there was 2000 left half between me and ex for deposit on new lease and iva man said we would be hearing from him or creditors but never did, in a nutshell we were in process of setting up iva for £40000ish in time it took the house sold but then iva was still granted but as off that everything stopped and nobody has until today asked for anything. thanks for reply
This is stranger and stranger. So you had an IVA six years ago and have never paid anything into it? And never been chased by creditors although you were living at the same address?
Sounds like youe IVA never progressed, and that your debt still remains - now with a huge hunk of interest thrown in for good measure.
You need to face up to the debt, rather than attempting to informally get the debt written off/forgotten about (it won't work anyway). You should speak to a couple of IPs. They will help find a suitable debt management solution for you, be it an IVA, DMP, bankruptcy etc. This advice will be impartial, and based on your current financial situation.
Best of luck.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
thank you for all your replys i have now been on trustonline and paid for full search and it is not showing any orders or judgments at any previous address. so looks as tho i only have to deal with this company as no one else has ever been in touch about anything else. i do not actually no what this pasific debt relates to but will phone in morning to see whats what,
but im sorry as seems you all agree i should just pay and yes i loaned and spent and it is my fault im in this position, but
if the law helps me pay less in anyway then i will obviouslt take that route.
many thanks again
You are master of your own destiny Hitch, and only you can really tell if this is the right solution for you or not. I wish you good luck in whichever route you decide to take.
And for everyone that does a runner on their debts, the banking crisis gets a little worse and helps cause a stagnant economy and the interest rates for innocent people go up and mortgages get a little harder to come by. Still, I hope it all works out for you Hitch.
