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Friend is in an IVA which should lead to 100% payout with a bit left over.

 

 

His home has now been sold and the proceeds are with his supervisor ready to distribute to his creditors.

 

 

However one creditor has suddenly upped their claim wiping out the potential surplus.

 

 

Prior to entering the IVA NatWest obtained a Tomlin Order for £18,000 against which £3,000 was paid.

 

 

This arose from Personal Guarantees given for 2 companies.

 

 

NatWest are now claiming the IVA makes the Tomlin Order void

and are trying to claim a significantly higher amount (£28,000) in the IVA.

 

 

His supervisor hasn’t got a clue and he is so broke he can’t afford to get any legal advice.

 

 

Any suggestions on how to tackle Nat West?

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Hi Mouse

 

I would think that a Tomlin Order is completely separate and sets precedent to any IVA Arrangement and the terms of that Tomlin order stand until either party make application to revise/alter it in Court.

 

Andy

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Thanks Andy, that's what I think too but NatWest are having none of it. It's put the IVA into a stalemate position, my Friend won't agree, NatWest won't budge and supervisor can't do anything.

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Yes, however the original "debt" (being a claim under a personal guarantee) was disputed. The parties eventually agreed on £18,000, hence the Tomlin Order. NatWest are now (taking advantage of the IVA) going back to their original claim - which was messy and incorrect, numerous payments went “missing”.

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ok. afaik, an iva receiver can take into account any existing consents as is. ie not 'void' as such, unless proviso otherwise in the consent. so, in yrs 18k less payments already received. 15k?

see what the guys say though.

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  • 2 weeks later...
We are in total stalemate now, any ideas?

 

Why ...what has transpired since the 16th April?

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

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