Iva help

lonelyworld

Hi, I'm new here but need some advice. I'll try and make my story as short as poss.

IVA started in Aug 2009, made my last payment July 2010. Moved house Nov 2010, phoned Blair Endersby to inform them of change of address. We have not made a single payment since, nor have we had any contact what so ever from Blair Endersby or the company that took over form them, Grant Thornton.

I am unsure where to go from here as our 5 years will be up this Aug.

However, I received a letter in the post this morning from a company called DMS saying that they have had notification that my IVA has failed and they have been asked to contact me direct. The debt in question was a mortgage shortfall from 2006 which we were in dispute with when we took out the IVA and we asked for it not to be included. My husbands thinks it should be statue barred and they are trying to jump on the band wagon.

I just need some advise as to where to go from here on both points. And is there anywhere I can check to see whats included on my IVA just to double check? I am struggling to find the original paperwork.

Thanks.

DorisTrousers

I believe debts that were previously secured, e.g. shortfalls, do not become statute barred until after 12 years has passed. DMS is probably Debt Management Services Ltd, who seem to specialise in the collection of this type of debt.


I am making some assumptions here so apologies if I am wrong, but it is almost certain that your IVA has been terminated, a quick search of The Insolvency Register for your own personal details should prove that one way or another. You may also want to look at Noddle and get a free credit report, which may help you establish what debts you have, or at least remind you of them.


Key question really is what do you do now? Boils down to personal choice and circumstances, but you could try another IVA, you could look at Bankruptcy or even a DMP, though I would tend to steer clear of those if you have larger liabilities, unless you have a significant amount of spare money each month that could pay the debt down reasonably quickly using that avenues, or unless you have small liabilities, which is very unlikely given when you entered the IVA and who you took the IVA out with, and more so when whatever shortfall you have is factored in.


The debt will still exist, and if the IVA has been terminated may have incurred extra interest and charges, so it does need dealing with, and I wish you the best in whatever course of action you choose.

National_Debtline

Hello there,

As your IVA has failed your creditors are allowed to start contacting you again about your debts. As regards the Mortgage Shortfall, there are special rules regarding Mortgage Shortfalls and limitations. The limitations period for collecting mortgage shortfall debts is 12 years.

Also if the IVA did pay anything towards the debt, the period will start running from when the last payment was made.

Depending on your circumstances, there may be options for you to deal with your debts. If you have no assets, you may be able to consider going bankrupt to clear all the debt and give yourselves a fresh 'debt free' start.

You may want to have a look at our website to see what options there are for dealing with debt and what might be the best way forward for you: nationaldebtline.org

Best wishes,

Rosemary @natdebtline

lonelyworld

Thanks for your responses - my name does appear on the insolvency register. What does this mean? As I'm not entirely sure if this mortgage shortfall is included on the IVA, how would you go about dealing with their letter?

DorisTrousers

Are you listed as being on an IVA, and if so is the status of it reading current?


Maybe they have not removed your name in error, or maybe you have "got lost" somewhere in GT's system, but these are really just guesses. For non payment for 4 years you are certainly in breach of the IVA so you do need to establish what the situation actually is.


Looks like a call to GT, maybe using the Insolvency Register details when you speak to them so that they can trace you, may be your first move.