What happens if an IVA fails

[red.s]

What happens if an IVA fails, then you hear nothing from anyone for ages. The IVA was set up in March 2001 and failed January 2003.
Thanks.

[MelanieGiles]

Check the IVA register to see if you are still listed as having an IVA, and call your IP to see what is happening. The likelihood is that the IVA will have been closed, but you ought to have been informed of this at the time.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[red.s]

Thanks Melanie, I have checked the register and I am not on it. I have also done an Experian report and I don't seem to exist in the world of credit. I don't have a bank account. If I open a bank account will I be setting off alarm bells somewhere that will send aload of creditors to my house?
My last de-fault was in Jan 2001.
Thanks for you help

[iva experts]

Hello red.s,

Im really suprised that your creditors have not petitioned for your bankruptcy.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[red.s]

Me too, the debts were all unsecured, mailny credit cards. Is there anyway I can find out if I'm in the clear or is it best to keep quiet?
Thanks

[iva experts]

Well im not sure what you can do as you have already obtained your credit report which does not show the debts and you have checked the insolvency register and you are not listed.

How much do you think that you owe?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[red.s]

about 8 thousand

[MelanieGiles]

It sounds as if you are a free agent again - which probably means that the creditors have written off the relatively small level of debts that you owed.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[red.s]

Thanks Melanie, I appreciate your time. I don't want to open a can of worms here but how can I check if I am acctually ok now? Am I doing anything wrong (in the eyes of the law) if I open up a basic bank account?
Thanks for your help

[MelanieGiles]

Applying for something such as a bank account will give you a good indication of your creditworthiness, as at the end of the day the bank will use the same methods for credit checking as you have used - and will probably find nothing either.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[red.s]

Thanks Melanie, if I tick 'No' in the box that asks if I am currently bankrupt or in an IVA am I breaking the law?

[MelanieGiles]

No - because you don't believe that you are and there is no record of you on the Insolvency Register. Have you tried ringing the IP who was acting for you to find out what actually happened?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[red.s]

Thanks Melanie, I haven't rang the IP yet as I wanted to get some info from a neutral party.
I will call them this afternoon. As the debts are all well over 6 years old, what would normally happen. If they have been written off do I still owe the money?

[MelanieGiles]

So long as you have had no contact from the creditors in the last 6 years, and the debts are all unsecured and do not relate to property, you can claim to be released from them under the Statute of Limitations Act.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[red.s]

Thanks Melanie, appreciate you help.