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Posted: Tue Apr 21, 2015 5:55 pm
by Caroline.06
Hi,
My 60 month IVA finished 7th February 2015, no problems until now (21st April 2015). My Insolvency advisor has issued me with a non-compliance as I have not returned documentation within the specified time scale. I wrongly believed that there wasn't a need for me to return this document as my IVA had finished.
Following a phone conversation with my advisor, it was explained that I needed to file a last set of accounts with them in case I had extra money coming in. What would happen if I didn't complete the required paperwork, now that my IVA has finished? I am loathe to file the paperwork as I have a small overdraft with the bank and don't want this to incriminate me.
Please please HELP!
Posted: Tue Apr 21, 2015 6:06 pm
by relieved33
You can be breached if you do not comply and send in your final I&E. This would be tragic at this stage. If the overdraft is a problem, it can be solved easily I am sure.
Posted: Tue Apr 21, 2015 6:12 pm
by Foggy
Hi Caroline. Contrary to your line of thinking, your IVA has not finished, nor will it unless you comply.
Your IP will not issue a certificate of completion until all of his obligations have been fulfilled. It would not only be tragic to fail at this stage -- but would be bordering on criminal !
How small is this overdraft? -- many arrangements allow for credit of under £500 to be acceptable. You could be worrying over nothing and risking everything.
Posted: Tue Apr 21, 2015 6:19 pm
by mole
To be fair, I understand providing bank statements, P60 and payslips, But what is the actual point of doing an I&E ?
Posted: Tue Apr 21, 2015 6:28 pm
by Foggy
It is more the "I" than the "E", Mole --- to make sure any income over the last 12 months hasn't been missed.
Posted: Wed Apr 22, 2015 9:21 am
by Lisa Thomas
..and if there is surplus income asking for payment of the increase within the terms of the IVA so Caroline may have more to pay (say if she had a pay rise in the last year).
Posted: Thu Apr 23, 2015 10:00 am
by JJSIDE
You obviously were aware that you should not take any credit whilst in an IVA then. It seems that you haven't learn't much from the IVA experience and are acting in the same way that got you into trouble in the first place. You need to come clean, stop avioding the issue and face the consequences. Or as other posters have quite rightly stated, the IVA will fail which would be a great shame at this stage.
Posted: Thu Apr 23, 2015 10:37 am
by lifenoteasy
A lot of agreements allow for a small amount of credit.
There is also a difference between an overdraft for personal reasons and business reasons.
Whilst I am glad I no longer have one 70% of people I have invoiced in the last 2 months have not paid on time. A credit facility would have been incredibly useful.
It's a very different scenario when you work for yourself.
Public sector organisations have been the worse in paying.
Posted: Thu Apr 23, 2015 11:59 am
by Lisa Thomas
Hi JJ - a lot of IVAs allow for small credit - usually up to £500.
Posted: Thu Apr 23, 2015 12:20 pm
by JJSIDE
Hi Lisa, that might be true in this case, but probably not, as the reason the OP doesn't want to complete the paperwork as it will reveal the overdraft. Maybe I am being too harsh, but refusing to complete the papaerwork is not the way to deal with this situation is it? It's that kind of mindset that got us in trouble in the first place. Just saying...
Posted: Thu Apr 23, 2015 12:25 pm
by Foggy
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JJSIDE
Hi Lisa, that might be true in this case, but probably not, as the reason the OP doesn't want to complete the paperwork as it will reveal the overdraft. Maybe I am being too harsh, but refusing to complete the papaerwork is not the way to deal with this situation is it? It's that kind of mindset that got us in trouble in the first place. Just saying...
JJ -- we are jumping to conclusions that we are not qualified to jump to. In many IVA's the debtor is not fully aware of the exact terms (scary but true) and it could well be that there is a small allowance that the OP is not aware of.
Posted: Thu Apr 23, 2015 12:31 pm
by JJSIDE
Yes - I agree Foggy - my point is that the OP seems to be employing the 'burying my head in the sand and hoping it will all go away' mindset, which I know got me into the trouble in the first place!
Posted: Thu Apr 23, 2015 12:34 pm
by mole
Agreed Foggy, dozens come on here not knowing about equity release so I imagine there are far more not aware of the lesser clauses.
IMO, if all payments have been made, it doesn't really matter anyway. The clause is intended to protect the existing creditors so that the agreed payments can be made. If this has been achieved, it should all be good.
Posted: Thu Apr 23, 2015 2:10 pm
by Foggy
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JJSIDE
Yes - I agree Foggy - my point is that the OP seems to be employing the 'burying my head in the sand and hoping it will all go away' mindset, which I know got me into the trouble in the first place!
I think we have all been there !