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hi my husband and i are in our 2nd year of an iva we owe approx £75,000 to 12 creditors between (not including mortage)we are not expecting our property to increase by much in the next 3 years (it hasn't done in the last 2 years , already peeked i think) we also have about 3 creditors that were not included in our iva (£9,000)we are managing to pay those of aswell as the iva payment , mortage , living expences etc, but finding it very hard to meet these payments month to month , is it likely that if the 3 creditors start sending letters etc would our iva fail? or can we declare to them we already have an iva up and running (debts were already there when the iva was approved)sorry for asking lots of questions , is it also common not to hear from our ip? we havent heard from them in 12 months ?

Hi

Why were these three creditors not included in your original IVA, and how are these ongoing payments being recorded in your annual statements of income and expenditure?

These creditors are being preferred at the expense of the creditors bound within the IVAs. It is hardly suprising that you are struggling, given that all of your disposable income ought to be taken up with the IVA payments.

You might wish to consider asking your IP to write to those three creditors to see if they would be prepared to join into the IVA proceedings - if successful you may have to make additional payments to cover the original dividend pledged, but this may be preferable to a continued struggle for the next couple of years. Was your IP aware of these missed creditors as a matter of interest?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Wow !!
I,ll be interested to see how and why three creditors were missed from your IVA.How ever have you coped ??
You should have an annual review, so chase them if you haven,t.
regards