Failed IVA

firebucket

Evening All,

My IVA was failed at a variation meeting with my creditors on Tuesday, I was wondering how quickly my creditors will start persuing me again ?
Thank you !

blind-as-a-bat_2

Who was your IVA with, how long had it run and was there a bankruptcy clause in it............

Those are more important questions right now than how long before your creditors start persuing you again.

And if there is a Bankruptcy clause in your IVA, what assets have you got to lose?

blind-as-a-bat_2

http://forums.moneysavingexpert.com/showpost.html?p=29317253&postcount=1

Ok, just gone thrue your prvious posts, hmmm, wonder why she got so agressive...........

A formal complaint is in order, but as that conversation was by phone i guess, not an easy one to prove:mad:

firebucket

Mmmm I think there was a bankruptcy clause written into my IVA, although she is adamant that she wont make me bankrupt, I have lost my wife and family over this financial mess, I have no assets and the last 6 years have been mentally tiring that all the fight has gone out of me!!!!

As with most cases I will probably have to find the money to pay for my bankruptcy which is ironic as the reason I couldnt pay for my IVA is that I didnt have enough money!!!!! Oh well!

Thanks for the reply

blind-as-a-bat_2

firebucket wrote: »

Mmmm I think there was a bankruptcy clause written into my IVA, although she is adamant that she wont make me bankrupt, I have lost my wife and family over this financial mess, I have no assets and the last 6 years have been mentally tiring that all the fight has gone out of me!!!!

As with most cases I will probably have to find the money to pay for my bankruptcy which is ironic as the reason I couldnt pay for my IVA is that I didnt have enough money!!!!! Oh well!

Thanks for the reply

Find out for sure!, if thats what you want to happen.

It will depend if you have paid enough, but as your previous posts seem to show that is not a question.

It is not her choice, if you fail your IVA and it is clear in the agreemat that BR will be the result, use that to expose the ****

Charco_2

It's not really up to the IP true, but basically for your IP to pursue your bankruptcy (s)he would need to know that there is something worth pursuing - ie, a profit to be made for the creditors. So it's actually up to your creditors whether bankruptcy is pursued or not.

In all likeliness that will be no then! The choice is either for your IP to pay your creditors the money (s)he has so far collected OR to use that money to bankrupt you but if you have no assets then why would your creditors do that?

They would much prefer to take any money on offer and then continue to chase you for the balance.

As regards your initial question about how long will
it take until they start to pursue you directly again... How long is a
piece a piece of string? Could take couple of months for them to get their act together. Have any of the debts been sold on to other collection agencies?

firebucket

This is what I owe:

First Direct - 1617
Lloyds TSB - 329962
Max Recovery limited - 59589

Eww sorry the figures make me feel ill!

When I couldnt meet my repaymenys I proposed that I didnt make anymore payments into the IVA and that my creditors accepted an overall return of 12 pence in the pound in full and final settlement (I have paid back £ 28, 500)!

Lloyds and First direct rejected the proposal but Max Recovery accepted it, however overall it was rejectected and now an IVA certificate will be issued!

If my IP wont bankrupt me then I shall have to do it myself, its going to take a few months to find the money to pay for it, so I will have to prepare for my creditors to call!!!!

It could get messy!!!! :rotfl: