Old debt post IVA

kerridge
kerridge Posts: 1 Newbie
in IVA & DRO
Hi,

Am looking for some advice about unsecured debt and an IVA please.

I used to be an IT contractor and ran a limited company. I was good at my job but not good running the company so ended up with HMRC forcing the company into insolvency in 2014. It went to court and I was disqualified as a Director for 7 years and ended up with a large HMRC bill. I now work full time for a company and am still happy in my work without the worry of being self employed.

Through StepChange, my wife and I did a Lump Sum IVA (with the help from parents) which completed in Oct 2014. In April 2015, I received a letter from a company saying that they were liquidators asking me to complete a questionnaire. I ignored this as I believed that the court and subsequent IVA had resolved everything.

A couple of weeks ago, I received a letter from a Solicitor saying that as I had ignored the letter from the liquidator I now owed £41k from a directors loan account plus £17k interest.
They are going to take legal action if I don't pay immediately.

I've spoken to StepChange today and they've told me to go back onto a debt management plan. It feels like the IVA and last 3 years have been completely wasted and I'm back to square one again.

My understanding was that the after the IVA creditors could no longer pursue me for debt. This debt wasn't included in the IVA as I didn't know about it. Is it right that they can land this on me now? Is there anything I can do other than accept this new (old) debt and go back onto a DMP that's going to take at least 10 years to clear?

Any help or advice greatly received.

Thanks

Comments

  • TakeAwayKing_2
    TakeAwayKing_2 Posts: 116 Forumite
    First Anniversary Combo Breaker First Post
    Hi there
    What was your understanding of the director's loan account position when the company went into liquidation? Was it overdrawn ?
  • sourcrates
    sourcrates Posts: 28,834 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    edited 28 August 2017 at 2:49PM
    You only have legal protection from creditors for debts that were included in your IVA.

    Its not like Bankruptcy, that encompasses all your debts regardless of weather you are aware of them or not.

    This is, unfortunately for you, a prime example of why you need to be 100% sure all your debts are included prior to commencement of any IVA.

    The letter from the liquidator should of set alarm bells ringing that further debt was possible.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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