www.iva.co.uk

Hi I was recently in a iva with a company called The macdonald partnership and it ended with me not being able to afford repaying it I had it for two years, The company took thousands for a fee and only paid the my creditor very little. They held a meeting with the creditors but did not make me bankruft but macdondald partnership sain i will not have to pay another penny, I really dont no what to do or where to go with this can you please help me

Michael
PS I AM ABOUT TO BE MEDIALY DISCHARGED FROM THE ROYAL NAVY AND WILL WILL BE ASKED TO MOVE OUT OF MY FAMILY QUATER AND I HAVE A FAMILY WITH TWO YOUNG KIDS

You need to see a copy of the chairman's report of the meeting of creditors. It may be that they proposed a full and final settlement based on what you had paid.

If you have queries the only people that can explain fully what has happened and what your current position is, is your IP and you should contact them. Put any issues in writing so that you can ask exactly what you need to know.

As to what you can do depends on where you are now with your debts so you do need this answer from your ip.

Thank you. One more thing what is Ip and I think a full proposed settlement was asked of and 3 creditors agreed and two didnt

IP means insolvency practitioner who is your supervisor.

ok that would be the macdonald partnership. I paid into the iva for 2 years and they took over 3k and the rest was split to the creditors there was only about £1800 lft to give them. I will phone the IVA company upgain but they said last time that was it, " There is nothing left to do but if the creditors contact you for the money I would have to sort it with them. They dont explain How I can get my credit report to say satisfied thats all i want so in 6 years I will start looking better.

Mike

Hi smudge and welcome.

How much was your total debt?

The way I understand your last post is that your creditors only received abou £1800 in total.

If your IP has said that the creditors may contact you for the money, then I don't think the debts have been paid off. When was the last payment that you made?

Have you had either a letter telling you that your IVA has failed, or have you had a completion certificate, which is what you should have had if it was finished.

Hi Jan
My last payment was may this year I havent yet had the final letter but i think the letter would say it has failed of it has finnished but not satisfied i am so worried I just want to start a new life with my new family and put my old debt behind me. I have wrote letters to my creditors asking them could they satisfy my credit

If your IVA has failed, then I doubt if your creditors will agree that you have satisfied your commitment, and they will probably pursue you for the remaining debt. I believe that most IVA's allow you to go three months in arrears before they fail, in which case yours will only just have failed.

I think you need to chase your company again and ask them to put in writing exactly what is happening.

Dont worry about being kicked out of your married quarter. I served for 16 years and know that its not easy to have you kicked out your house until you have somewhere to live.

Talk to the company again and find out whats going on from them.