what happens if some new debts come to light

[Andy.567]

Once my IVA is up and running what happens if some new debts from the past come to light

[aguise]

Hi Andy and welcome.
Hopefully you will make sure you include all of them but it happens sometimes that one gets missed. Wait for other answers but if the debt is small then it can be added by the IP if it is large then I think it has to go to a variation meeting. Best thing is to really check that you add them all at the start then no problems.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Adam Davies]

Hi
As Angie states they can be included but if they are likely to affect the dividend by more than 10%,for example,then your creditors will need to know and agree
Sometimes you will need to increase the lengh of your IVA to compensate for the extra debts
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Cybus]

If the debt has been missed out of the proposal because of honest omission, the creditor becomes bound by the arrangement, by virtue of the effect of the approval of the arangement. As noted above, conditions may apply if their inclusion could marterially effect the outcome of the arrangement.

If a debt is missed out intentionally ... ie deliberately not made known by you, you may enter the realms of fraud and possible criminal proceedings. Goes without saying, that is not a wise thing to consider.

Another question to consider, is how far back in your past are those debts from?

I believe that if a debt has not been actively pursued for a period of six years, it becomes Statute Barred.



Tell it like it is.