failed iva, what now

champion29

hi,
my wife and i entered an iva in august 2006, we paid every month, but we missed a couple of payments when my wife lost her job, we have now failed our iva and all our debts are being sent back out to us, we have had our final termination notice from our iva company (tenon, but was haines watts) and have noticed not a penny of our debt was written off, we paid roughly £5000 and the iva company has taken the lot, is this right please help because we do not know what to do now

skintandscared_2

OMG what a nightmare! There is a similar story on the end of this thread

http://forums.moneysavingexpert.com/showthread.html?t=1314505

Looks like that poster decided to enter a DMP instead and has started paying her creditors. This is the part of the IVA which really scares me and which I don't think a lot of people realise when they start. It may well be worth getting in touch with the CAB, CCCS or Payplan and see if they can come up with the best way to move forward now. Good luck

Airwolf1

As said, contact the CCCS and see what advice they can give you initially.

CCCS_Matthew

Hi there,

If an IVA fails, the company is entitled to take out their costs so in this case it seems that the full cost of the IVA matches about what you've paid into the agreement so far.

At this stage your creditors can petition for your bankruptcy. Whether they do or not depends on whether you've got any assets. Are you a property owner?

If not, or you have no assets it's a case of sitting down and reviewing your options again. If you want to review your situation withourselves you can book in an appointment with one of our debt counsellors to see what your options are. The helpline is 0800 138 1111.

Regards,
CCCS

Useless_with_wonga

Ahhhhhhhhhhhhhhhhhhh:mad: How frustrating I'm so sorry this has happened to you. Still onwards and upwards spilt milk and all that. Hope you get it sorted. Once again sorry to hear this i feel angry on your behalf. £5000:mad: :mad: :mad: :mad:

champion29

CCCS_Matthew wrote: »

Hi there,

If an IVA fails, the company is entitled to take out their costs so in this case it seems that the full cost of the IVA matches about what you've paid into the agreement so far.

At this stage your creditors can petition for your bankruptcy. Whether they do or not depends on whether you've got any assets. Are you a property owner?

If not, or you have no assets it's a case of sitting down and reviewing your options again. If you want to review your situation withourselves you can book in an appointment with one of our debt counsellors to see what your options are. The helpline is 0800 138 1111.

Regards,
CCCS

thanks very much we have already been in touch with your company and you are sorting out a debt management plan for us, i am so angry that the iva company were just aloud to take our money when they were supposed to be paying off our debt, thanks for your help matt

clanger69

I'm in the same situation.

I've no assets so have simply stopped paying my IVA. The advice i have received is they will then fail my IVA and enforce bankruptcy proceedings on me................which is what i should have done 2 years ago!

I've basically wasted 2 years lining the pocket of an IVA 'provider' and haven't cleared any of my debts.

Bankruptcy is my best option as i live at home with parents.

Hope you get some good advice. I intend on getting legal advise into claiming compensation as i was clearly mis-sold my IVA................i'm sure there are many more who have been in our situation.

Good luck

Trollfever

Folks being sold IVA's when they have no assets to protect appear regularly on these forums.

skintandscared_2

Trollfever wrote: »

Folks being sold IVA's when they have no assets to protect appear regularly on these forums.

People wrongly state that IVAs are to protect property. They DO protect property if your only other option is bankrupty. But there is no reason why someone should not take on an IVA if they don't have property. Even with the administrator's fees, it can still mean a large chunk of the debt is written off.

It is more usual for people without property to go for DMPs simply because they are less harsh, more likely to be accepted and won't necessarily result in bankruptcy if they fail. But on a DMP you pay back more and it can take a lot longer.

Northernape1

Having just this past month had to deal with an identical problem with the same company (Tenon/Haines Watts) can I suggest that you get in touch with Bankruptcy UK, we did on behalf of my son and they have solved all the problems for him :j . I found them very helpful and they lay out everything for you in a very clear and concise manner and you will fully understand what is to be done to help you. They will do what is best for you not anybody else!

If you want to discuss it send me a message

skintandscared_2

Northernape1 wrote: »

Having just this past month had to deal with an identical problem with the same company (Tenon/Haines Watts) can I suggest that you get in touch with Bankruptcy UK, we did on behalf of my son and they have solved all the problems for him :j . I found them very helpful and they lay out everything for you in a very clear and concise manner and you will fully understand what is to be done to help you. They will do what is best for you not anybody else!

If you want to discuss it send me a message

Have you any affiliation with this company? Please don't take offence, but posters who appear and make one post, encouraging people to go to a fee-charging organisation, make me wary!