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IVA 1yr old - now moved overseas, what now?


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Hi

 

Friends went into into an IVA over a year ago, they have since moved overseas, outside EU.

 

They keep payments upto date via their UK bank account, it's a 5 year agreement.

 

Having left no forwarding address anywhere as they weren't sure where we would end up what would happen if they were to cease making payments half way through the agreement? what would the repurcussions would be?

 

Could they seize any assets they may manage to gain in their new country? Would they have to pay in full etc.?

 

How long before a failed IVA is written off if can't find you?

 

any info would be welcomed

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If an IVA fails the Insolvency Practitioner is duty bound to inform the credtors of the next best action, invariably this could mean Bankruptcy. It is possible for the creditors to get together and petition to make your friends Bankrupt and it is possible that they could be made Bankrupt without them even knowing. Whether this happens or not in reality is anyones guess as it is expensive and the creditors would usually try for a CCJ instead. For the vast majority of people I've helped with a failed IVA, the creditors just start chasing the debtors for payment again.

 

My guess is that it would be more likely for the creditors to consider using the traditional CCJ route. One thing to bear in mind is that (depending on the country they have moved to) it may be possible to enforce a judgment overseas, there are various reciprocal agreements with most countries (including outside of the EU). Of course the creditors would have to track your friends down first and it might prove too costly for them.

 

If a CCJ is obtained in the UK the creditor, in theory, could chase your friends for payment for ever. It should be noted that there is plenty of case law that suggests a reasonable time to try and enforce a CCJ is six years and the time delay could be argued beyond that point.

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