www.iva.co.uk

I am in court tommorow to fight bankruptcy proceedings and my IP has given me a letter to say that I am proposing an IVA has anyone else been throught this and wondering if the judge will adjourn my case. Any advice would be appreciated.

J

Hi, and welcome to the forum.

I don't know of anyone who has done this, but hopefully one of the professionals will be along to give advice later.

I did post awhile back saying a judge in my area refused to grant a B/R petion by a creditor because the debtor had not been given the chance to explore other options. Both Melanie and David M said judges do have descretion. Subject to what the experts say, I would say tell the judge you are going for IVA and ask for time to allow that procedure to proceed. However, hopefully an expert will be on later to advise you fully.

That makes me feel hopeful. I have been in a dmp for the last 16months and it was only one creditor that would not accept it and have issued the proceedings.

Creditor must have more money than sense - hope the judge shows his/her annoyance with the creditor - wait for the experts though

The silly thing is that this court appearance is costing them a lot of money, and they possibly won't get back all they are owed in bankruptcy.

Lets hope the judge sees sense when he sees what you are doing.

Hi

Do you own a property and if so do you have any equity in it. Are they definately taking you down the br route are are they going too court too get a judgement on you. Incidently who is the creditor as I have been on a dmp for over 12 months and have had no problems with any of my creditors even though one is about to but on to a debt collection agenecy as they only have a short term collection.

Hope all goes well. Keep us posted about how you get on.

The debt was sold by MBNA (6K) to IDS Solutions. and yes I do own a house with equity in it so I suppose that is why they are taking this route. My largest creditor 30k Nat West were happy with the DMP.

The majority of creditors sell on their debts - all of ours did. You find that the companies they have sold to are usually much more amenable to DMP's than the original creditor.

IDS collections bought the debt and immediately put it in the hands of their solictors Scott Rees Ltd. I did offer to pay £1,000 and a £100 per month but they were not interested. They wanted £3,500 to write the debt off. Obviously I could not pay this.

The judge will be able to see that you have been in a DMP and that you are looking at an IVA - I think he may let you carry on with this.

Hi

How long was it going too pay your debts through the dmp as mbna will usually keep it in house if you can pay it back within 10 years. I know that this isn,t always possible but have you got a family member who could perhaps lend you the money and you pay to them what you were paying the ids It seems a shame when all the others have agreed and they will not pay ball.

Take care

Once you are in a DMP though, you shouldn't really make extra payments to any of the other creditors as this is preferring one creditor over another and the others won't like it, especially if you are going for an IVA.

Firstly let me thank you all for replying to my question, it makes you realise you are not on your own.
It was going to take forever to pay my debts off, so an IVA is my best solution, although it took some time to take this decision. I'm afraid I have no family members to help me out.
I just hope the judge is sympathetic as the debt is relatively small and I have been in a dmp which was being run successfully through payplan. When I first set up the dmp MBNA wanted me to pay extra to them, which I said would not be fair as all my creditors should be treated equally.

Jan, as a matter of interest and importance - say an IVA is agreed and then one of the creditors sells the debt on to A N Other can A N Other commence any kind of proceedings concerning the debt bought from the creditor even though that debt was placed in IVA before being sold on?