Delay in copleting IVA

TomWood

Hi all,

Until 2010 a director of a company and held personal guarantees on the business debts. When the company ceased trading I entered a full and final IVA with Varden Nuttall. This was accepted by my creditors and just over 20,000 pounds paid to Varden Nuttall on 15/10/11. As far as I can tell Varden Nuttall still have these funds and have not paid any of my creditors yet.

Since then it seems Varden Nuttall have used any excuse to keep this money and delay completion of the IVA. For the first 8 months this was claimed to be due to the VAT investigation and ever since it has been blamed on the PPI investigation. There is no PPI on any of the agreements and this was explained at the outset. I am never able to speak to the same person at VN and just feel I am being fobbed off.

So, 15 months after my IVA I still dont have a completion. Is there anything I can do to prompt Varden Nuttall to complete? What happens to the money held if Varden Nuttall cease trading? Was I missold the IVA, given that VN told me I would be able to rebuild my credit rating a year after the IVA was approved?

UpToMyNeckInIt

Hi Tom,

I think all you can do in this situation is make a formal complaint, initially to VN, and also their IP's regulatory body (should be in your IVA agreement). After that, you can report them to the OFT and the insolvency service, (the IS produce a lot of helpful literature regarding how to complain), but I doubt that will achieve much.

As for the mis-selling issue, I guess you will have to seek a legal opinion. Possibly 'breach of contract' as well I suppose.

The PPI and VAT issues have snared a lot of IVA customers (from what I've read elsewhere), and I believe that, to an extent, these delays have been justified. Even so, in your case, a Year seems like plenty enough time if you ask me, so you might well have grounds for complaint.

In the event of VN 'going under', your IVA will be sold to Grant Thornton, or one of the other IVA factories out there, if the experience of Blair Endersby or RSM Tenon Customers is anything to go by.

Good luck in sorting this one out.