www.iva.co.uk

Hello

I failed an IVA about 4 years ago, owing one particular creditor a lot of money (the creditor had bought my debt from other creditors). I received a letter from this creditor, probably about 2 years ago, basically telling me, I owe them x amount, after the failure of my IVA. However, I haven't heard from them since. Considering I owe a substantial amount of money, there has been no pressure whatsoever to pay. I can't even see the debt on any of my credit reports which I find strange, even though the creditor has all my details.

I want to start a new IVA because I want to be debt free but I also want to pay no more than £100 a month. But I don't know what to do, especially as I am under absolutely no pressure from this creditor who owns most my debt.

Any advice?

Thank you,

Paul

First -- you cannot decide or limit the amount you pay each month -- this is decided by your disposable income.

Assuming that you didn't reply 2 years ago and last acknowledged the debt 4 years ago, when the IVA failed, there are still 2 years to run before the debt becomes statute barred --- note, when it does become statute barred it does not disappear, they simply cannot institute collection proceedings. I imagine including it in another IVA will start that statute clock again and they might be in a position to reject the IVA and try to collect, or they might accept and you can finish the IVA then put it all behind you.

I would suggest a chat with a couple of IPs --- I would go for the smaller firms where you can a) actually speak to an IP and b) will be treated as an individual, rather than a grain of sand on a large beach.

Yes sorry, I should have said that I was paying about a £100 a month on my last IVA, which is why I stated that amount. However, I know I couldn't afford much more than that as things stand.

That is what I am concerned about. I am hoping it could become statute barred but at the same time, I feel I want to at least honour some of the debt and would be happy if I could pay circa £100 a month. But if an IVA was rejected by them, I would be back at square one I guess. I find it very odd it's not on my credit files though. Or at least, I can't see them.

Thanks for your help anyway.

You do need to seek advice about a further IVA or a company could help you with a DMP?

Yeah I don't want a DMP. I have too much debt and want it gone.