www.iva.co.uk

Am in huge pickle... took out IVA with Grant Thornton in June 2006. At that time I was married, renting and my husband and I had about £35k debt. GT suggested a payment of around £300 per month. In 2007 (one year into the IVA) our rented house was flooded and we asked for a 3 month break. We stopped paying. We never heard back from GT until earlier this year when we had a letter to say that they were failing the IVA. Between 2007 and 2011, my husband and I divorced and went our separate ways. On receipt of the failure letter, I contacted GT to offer a full and final settlement of £3k (have a new partner who could give me the money). I asked GT to "split" the IVA (as it was a joint one with my ex husband) which they promised to do and let me know about the full and final offer. Since then (March) nothing. Today I have received a letter from a solicitor claiming to represent a company who have "bought" my debts. I have no idea what or who I owe as my ex husband burned all our papers when I left. I feel very let down by GT who didnt contact us for 4 years. What do you suggest I do?????

Dont worry Keeley.

The fact that the debt has been sold is not an issue and the identity of the original creditor is irrelevant provided that GT have the details.

Contact GT straight away and ask if they have details of this new creditor and ask have GT contacted them to advise of the IVA. Then ask what has happened about the F&F offer. GT do post on here so no doubt they will be along.

I phoned the solicitors who claim to be acting on behalf of GE Capital and Barclaycard. They said that I owed £5278.28 - no idea where this figure comes from or what it represents - as I said, I have no idea who I owe, Grant Thornton was going to sort that out for me. I phoned the solicitors and they suggested a payment plan of £100 per month or a one off offer. The £3000 that my partner was intending to offer me has since gone towards our wedding next year. I don't want to commit to another long term payment plan and end up defaulting again, nor do I want to agree to the £100 per month suggestion if, at some time soon, I get another demand from another company. This it would be foolish to agree to something without knowing who and what I owe in total. Very puzzled and confused

my new partner has an excellent credit rating with no debts whatsoever, would it be a wise move to ask him to take out a £3000 loan to offer F & F and be done with it? What do you think?

Sounds like the IVA has failed else the creditor wouldn't be contacting you. Call GT ASAP before making any payments to GE/Barclays

From GT's Profile:

If you have an IVA with Grant Thornton and for some reason you are having difficulty contacting us please email ivacustomerservices@uk.gt.com and ensure that "IVA Forum" is all that is entered in the subject line of the email.

Drop them an email and see what your options are. These debts will have to be dealt with, one way or another.

I might add that the responsibilty for running your IVA rests with you, not with your IP -- they are supervisors only.

Hi Keeley.h

Grant Thornton have received your email and we will be in contact today to cover off any concerns and update you on your case. Please don't worry, we will be able to get a resolution for you.

Kind Regards
Karol

Hi Keeley

If your IVA has failed (which it looks very much like it has) then you will still be personally liable for the debts that were originally in your name and/or joint names with your ex. The first thing you need to do is find out from GT what these were. The balances will probabyl have increased as some interest and charges may have been added. Then you will need to decide the best way to deal with these now.

You must not make any offers of settlement until you are clear about the whole picture. Otherwise you might find that you settle this Barclays and GE Capital debt and then another debt pops up.

If you do not want to start another payment plan and if you have no assets then rather than your partner borrowing more money to settle your debt, why not consider a debt relief order or bankrupty. This would free you of your debt without putting an extra burden on your partner.

Thanks James, those were my thoughts totally. I didnt want to end up in a payment plan with one creditor to then find another pops out of the woodwork. I would rather not go bankrupt as, in the next few years, we are thinking of getting a mortgage. I was under the impression that making a F & F offer to my creditors would settle the IVA and I would have a better credit score in 12 months time.

Update - had a phone call from GT last night - IVA has NOT failed and they are resubmitting my F & F offer. Fingers crossed it goes through!

Hi Keeley - Im just catching up on your post, brilliant news that your IVA has not failed you must be so relieved.

Lots of luck with your F&F - do let us know how it goes wont you

Everything crossed for you x

Great news ! And well done to Karol for getting on to this.