Failed IVA 2 years ago.....

[StinkyFeet]

Can I ask why the Supervisor of your failed IVA after two years did not petition for your Bankruptcy. Is this the standard condition in an IVA........

 

Its not always in the clause of IVA's, as they are individual, some do and some dont. Mine for example did, my sisters didn't.

 

It may have something to do with whom the Insolvency Practiner is and / or amount of total debt that is contained within arrangement. Mine was for excess £200k, sisters little under £50k.

[StinkyFeet]

You can ask but I don't have any answers. I just received a letter stating that the IVA failed and a statement of payments and deductions.

 

Anyway, I received another letter from the Solicitors today with more threats so I think I'll send a CCA request tomorrow.

 

Could you scan that letter, removing your personal details (address, account / reference numbers etc) to look over?

 

You can register for free account at photobucket.com to upload and pop the link in here.

[bluedogx]

One question since op is worried that he would lose the house. Would this happen in neg equity situation? I don't know how charging orders work being 'up north' but in a similar situation here the op would only pay a nominal fee in a bankruptcy or trust deed for the interest in the house and it would not be sold. The only way to lose your house would be through repossession for mortgage arrears.

 

Clarification would be appreciated - anyone?

[StinkyFeet]

One question since op is worried that he would lose the house. Would this happen in neg equity situation? I don't know how charging orders work being 'up north' but in a similar situation here the op would only pay a nominal fee in a bankruptcy or trust deed for the interest in the house and it would not be sold. The only way to lose your house would be through repossession for mortgage arrears.

 

Clarification would be appreciated - anyone?

 

I couldn't honestly answer that mate as who knows as these things are on a individual basis. What I do know is that if property is in negative equity (and lets face it, many UK homes are), then the bankrupt can by there share back (if a joint property for example) for a nominal fee of £1.00 + applicable legal fee's (around £300).

 

As rule of thumb, and in my case, you have 3 years from date of BR petition. After 3 years they cant do anything to your house, this is what I am waiting for in Jan 2012.

 

The only problem my IP / Trustee got is that it (a) in negative and (b) my mother gave me and and my partner the £25k deposit in 2003 for the property that was actually signed up that she owned that amount etc etc.

 

Therefore, after taking legal advice, it means that if my mortgage was £100k and property value was £125k, trustee still couldn't have anything as the 1st £100k is mortgage companies and the remaining £25k is mother in laws.

[sequenci]

What I do know is that if property is in negative equity (and lets face it, many UK homes are), then the bankrupt can by there share back (if a joint property for example) for a nominal fee of £1.00 + applicable legal fee's (around £300).

 

This doesn't happen anymore, it stopped in January. The new rules are that the OR will take a look at the property after two years and three months. If there is equity they can then either ask for the property to be sold, or see if there is anyone else that can buy the debtor's benecial interest.

[StinkyFeet]

You can ask but I don't have any answers. I just received a letter stating that the IVA failed and a statement of payments and deductions.

 

Anyway, I received another letter from the Solicitors today with more threats so I think I'll send a CCA request tomorrow.

 

Who is this solicitor in question matey? and what do they say? you dont have to scan the letter if you dont want to, just advise here of its contents?

 

Does it contain stuff such as:

 

1) We MAY take you to court

2) We COULD reposses your house and mother

3) May send a DOOR COLLECTOR to you who will talk complete guff

4) We MAY reposses your dog, cat and goldfish

 

Keep smiling, above trying to show you how they word letters, certain words normally missed, such as 'MAY' 'COULD' etc.

 

Let us know and we can offer more answers

[sequenci]

Who is this solicitor in question matey? and what do they say? you dont have to scan the letter if you dont want to, just advise here of its contents?

 

Does it contain stuff such as:

 

1) We MAY take you to court

2) We COULD reposses your house and mother

3) May send a DOOR COLLECTOR to you who will talk complete guff

4) We MAY reposses your dog, cat and goldfish

 

Keep smiling, above trying to show you how they word letters, certain words normally missed, such as 'MAY' 'COULD' etc.

 

Let us know and we can offer more answers

 

HAHA!

 

Nail on the head right there!

[StinkyFeet]

This doesn't happen anymore, it stopped in January. The new rules are that the OR will take a look at the property after two years and three months. If there is equity they can then either ask for the property to be sold, or see if there is anyone else that can buy the debtor's benecial interest.

 

Yep thought I had heard this on here matey, so now confirmed, im waiting to hear in April this year then about my doom.

[StinkyFeet]

HAHA!

 

Nail on the head right there!

 

Ha Ha Ha, glad ya like it but it you guys and girls that got me this way, back in 2008 I was on here like OP of this thread, sleepless nights, arguments, suicide thoughts and now look at me, back out the other side, laughing and assisting others best I can with both the knowledge picked up from CAG and my own life debt experiences.

 

Original Poster, your in great hands ;-)

[Silverado 2011]

Ok can't get to a scanner so I'll type it, here goes....

 

You have failed to make repayment as requested in connection with the outstanding debt.

 

Please note that our intsructions are now to commence further action. We may now, without further notice, issue proceedings through the court, or alternatively, instruct a local Collection Agent, who will attend your address to arrange payment.

 

Should you wish to avoid such steps becoming necessary, please ensure that you respond by return of post to this letter.

 

Thanks for all the replies so far, its a great site this.

[sequenci]

Yep thought I had heard this on here matey, so now confirmed, im waiting to hear in April this year then about my doom.

 

Anything pre Jan hasn't changed so it's business as usual as far as your situation is concerned. I'll get round to writing a blog on the changes real soon (a bit snowed under at the mo!).

[StinkyFeet]

Ok can't get to a scanner so I'll type it, here goes....

 

 

 

Thanks for all the replies so far, its a great site this.

 

Did you notice the huge "we MAY now, without further notice" send carol singers round to your house on 1st March

 

Why on earth would a Solicitor who was competent want to send "a Local Collection agent" who has less rights to be on your door step then the postman?

 

Na, CCA em and see what they got, thats first point of call, see what they state from there but honestly, sounds to me like debt collection agency hiding behind a 'pretend solicitor' logo.

 

Who is the company in question? Midas legal services by any chance?

[StinkyFeet]

Anything pre Jan hasn't changed so it's business as usual as far as your situation is concerned. I'll get round to writing a blog on the changes real soon (a bit snowed under at the mo!).

 

Oh poo, was hoping I could gibe them me quid in April 2011, oh well, have to make it £1.05 next January then lol

[bluedogx]

Solicitors acting as debt collection agents are just that - debt collection agents. Can be scary at first but they don't have any more powers than any other DCA. Don't panic. Send the CCA request.

 

Best wishes

[debtinfo]

Houses pre jan have changed as well, the new guidelines apply to all family homes, the only exception being ones where the £1 has already been paid and the process already started.

 

Just to point out as well, this is ONLY the OR's guideline so if your bankruptcy is with a private trustee these guiselines do not apply, only the 3 year law applies

[sequenci]

Houses pre jan have changed as well, the new guidelines apply to all family homes, the only exception being ones where the £1 has already been paid and the process already started.

 

 

Appreciate that, my source is incorrect then! I'll let 'em know tomorrow. We've had so very little information from the IS over the changes it's a joke.

[Silverado 2011]

Just a quick update.

 

I CCA'd the solicitors and the letter was sent next day delivery with proof of delivery. I received a letter back saying they were requesting the documents from the original creditor and stated no further action would be taken until the documents had be received.

 

If I've done my sums correctly and the 12+2 working days rule is applicable then they've timed themselves out today. Obviously if I'm wrong with my assumption on the 12+2 days let me know but I haven't received any further documents from the solicitors at all.

 

Does this mean the matter is now closed?

[uptoeyeballs]

Hi Jopea,

 

It's not closed, but suspended until they get the agreement and even then it needs to stand up as a Regulated Agreement.

 

I wouldn't hang on the 12+2 day thing as it no longer an offence.

 

Just wait and see. They might turn it up they may not.

 

uteb.

[StinkyFeet]

Just a quick update.

 

I CCA'd the solicitors and the letter was sent next day delivery with proof of delivery. I received a letter back saying they were requesting the documents from the original creditor and stated no further action would be taken until the documents had be received.

 

If I've done my sums correctly and the 12+2 working days rule is applicable then they've timed themselves out today. Obviously if I'm wrong with my assumption on the 12+2 days let me know but I haven't received any further documents from the solicitors at all.

 

Does this mean the matter is now closed?

 

Hi Jopea,

 

So far so good, apologise for not being back for a while, have had endless problems this end with work this year.

Have you any updates or have the sharks gone to play with the dolphins lol?

[Silverado 2011]

Have you any updates or have the sharks gone to play with the dolphins lol?

Still not received anything, not counting any chickens as I read a thread on legal issues about a guy who received paperwork 22 months after CCAi'ing them .

Fingers crossed though. Thanks for the reply

[StinkyFeet]

Still not received anything, not counting any chickens as I read a thread on legal issues about a guy who received paperwork 22 months after CCAi'ing them .

Fingers crossed though. Thanks for the reply

 

Know what you saying, what we are hoping for that should they find the paperwork, it around the 6 year period of no payments as then it statue barred and action cannot be taken on it.

 

And also dont forget that if paperwork is found, it would need to be correct and not contain errors etc

[Silverado 2011]

**UPDATE**

 

I received a pack in the post today from the solicitors, included was 2 signed credit agreements.

 

I don't really know what to do next. Sit and wait to see what comes through the post or do something more proactive.

 

I've started a new job on more money so a new IVA is a consideration but I'm not sure I want to be tied in again for another 5 years. If this will keep the wolf from the door I'm not adverse from doing it.

 

Anyone got any advice?

Edited May 9, 2011 by Silverado 2011
Typos

[AWC]

Hi there,

 

I have only just read this thread, scanned through it to be honest and so forgive me if I have missed anything.

 

If the original debts date back to 2005, will they not be Statute In Law after 6 years? i.e. it maybe that you cannot be persued for the money now anyway if the last time you borrowed any money was before July 2005?

 

Just a thought.

[Silverado 2011]

Thanks for the reply AWC.

 

IVA payments were made up until some time in 2008 so I'm guessing that this is the date that the 'Statute Barred' starts at, although I could be wrong.

 

I received an email from Egg today as well stating that the debt was now owned by 'Britannica Arrow' and there was nothing that I needed to do.

 

We'll see if this change of events brings anything out of the woodwork, I'm hoping not obviously.

Edited July 20, 2011 by Silverado 2011

[AWC]

What date did your IVA start?

 

Oddly enough, I got a letter from Egg as well stating that my debt is now with Britannica Arrow even though my IVA finished over 8 months ago.