IVA Quick question

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dipsy
dipsy Posts: 3,137 Forumite
Can anyone tell me what impact an undeclared debt has on an IVA arrangement

ie if someone has an IVA and they have debts they have not included

a. can they do this

or

b. what happens if the person/s they owe the debt to comes chasing them does this have an affect on their existing IVA?

thanks in advance
2007 £1749
2008 £291.99
2009 JanMasscara £7.00 Feb megcabot books x 2 £20 XFactor tkts x 2 £58.00 (couldn't go though as they only phoned on day :-( ) foundation £7.99
total so far for 09 £92.99

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  • debtinfo
    debtinfo Posts: 7,012 Forumite
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    Officially the IVA bids all creditors and so they cannot take any action at the moment. The IVA supervisor will probably need to go back and put a new proposal to creditors, particularly if the creditor is large enough that they could have altered voting. If they are not accepeted into the IVA then the IVA could fail and the supervisor could petition for their bankruptcy. If the IVA fails then the creditors can take any of the usual action.

    what are the circumstances in this case
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • dipsy
    dipsy Posts: 3,137 Forumite
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    debtinfo wrote: »
    Officially the IVA bids all creditors and so they cannot take any action at the moment. The IVA supervisor will probably need to go back and put a new proposal to creditors, particularly if the creditor is large enough that they could have altered voting. If they are not accepeted into the IVA then the IVA could fail and the supervisor could petition for their bankruptcy. If the IVA fails then the creditors can take any of the usual action.

    what are the circumstances in this case

    basically someone has an IVA and it has since come to light there is a debt (joint) of £47k which has not been included in the IVA

    long winded and complicated to explain... but will try and keep it brief

    ex of mine that owes me money has had demands turning up at my house for around £70k....

    one of these is for a joint debt with his ex wife... (the person with the IVA)

    anyway have said that if he is not forthcoming in paying me my money I will be informing said creditor to his ex wifes whereabouts and I wondered what impact that would have on her IVA


    I have asked him on several occassions to get his post redirected or give me a forwarding address which he has not done.

    I have no idea what address he is at now... so I feel that I am now left with no option than to give his creditors all the addresses I know that he might be at.....

    Just really wanted to know what impact this would have on his ex wifes IVA.


    I have never had bad credit or not paid my bills and to be honest am just stunned as to the level of debt he has and this is only what I know about recently.
    2007 £1749
    2008 £291.99
    2009 JanMasscara £7.00 Feb megcabot books x 2 £20 XFactor tkts x 2 £58.00 (couldn't go though as they only phoned on day :-( ) foundation £7.99
    total so far for 09 £92.99
  • debtinfo
    debtinfo Posts: 7,012 Forumite
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    presuming that you are correct ( and remember all is not always how it appears) then the debt is something that the IVA supervisor needs to know about, The IVA would probably fail and a bankruptcy could possibly ensue.
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
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