Failed IVA 2 years ago.....

[StinkyFeet]

Hello again.

 

You have three options:

 

a) complete a personal budget and start to make informal offers to your creditors (usually via pro-rata payments, take a read of my blog)

b) a debt management plan (via one of the free providers, if possible)

c) another IVA

 

at the same time you could also consider seeing if you can reclaim penalty charges, PPI etc?

 

Hi sequenci, Wouldnt it be a option to check on if solicitors have a agreement for this debt (CCA) as another option?

 

Wouldn't it also be worth Jopea checking when last payments where made to this debt either directly or from the Insolvency Practioner as Jopea may not have made enough payments that left anything over to pay creditors once IP took there payment?

 

Not challenging anything you said mate just running a few ideas that may help

[StinkyFeet]

No worries! The CCA route is another option, I guess it's down to the OP and whether they would like a potentially long and drawn out battle via the courts.

 

Was more thinking about the CCA route as being a delay to them while OP checks when they received last payment on this debt as could be a case that it not got long left if for example no payment been received by them in say 5 years.

 

Many thanks matey

[StinkyFeet]

I see two problems here,

 

1. the last pament would have been 2008 since the OP was paying an IVA

 

2. The OP has accepted in a court document when entering the IVA that the debts were valid, in those circumstance im not certain that they would even need the original agreements

 

Know what you saying mate but my sister was in exactly the same boat as OP, I advised her that since she had been in a IVA in theory the debts would have been accepted, her thoughts where what did she have to lose.

 

It proved me wrong as the 4 of the 9 creditors who did make contact, never ever said anything about the IVA etc etc and either ignored the CCA request and one said they hadn't got agreement and mentioned nothing further.

 

As the OP is trying to avoid the Bankrupt route because of his job, therefore I posted as believe that it is a option for him / her to pursue, and as they say, nothing ventured nothing gained. He or she may hit a wall, but surely its worth burning this bridge.

 

As you stated, the OP was paying into a IVA, but so was my sister, but as the Insolvency Practioner running the IVA's fee came first and payments she had made into the IVA arrangement merely covered that, the creditors got ziltch. Therefore, a check on last payment definatly worth looking into.

 

Obvously, this wouldn't apply to all, if someone had been in a IVA for 3 years and made 3 years of payments, then there definately a high chance that the creditors did get a payment. A quick check on the credit files would confirm this.

[StinkyFeet]

The original credit agreements werre signed between 2001 & 2004. The IVA was set up in 2005 and there were no payments after Jan 2008.

 

I was wondering about the need for the originals with the IVA, it sorta supercedes it.

 

Just noticed your reply about IVA payments and well pointed by Debtinfo.

 

I still think I would try this avenue, honestly, it could come to a dead end, however, it may not.

 

Did you actually go to court on IVA date or did IP deal with this?

[StinkyFeet]

I never went to court, was all dealt with by my IVA provider.

 

Thanks for the update. Can you get a copy of credit reports to see when last payment was made?

[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.

[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.

[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

[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 ;-)

[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

[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?

[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