Failed IVA showing completed on credit files????

Confused_debtor

Hi, im a newbie to this site so please be gentle with me....


If possible I would like some advice from you all re my circumstances.


I was stupid when I was younger and got myself in to a bit of debt and this was made worse due to a couple of relationship breakdowns which became nasty and i ended up with nothing. my debt was approx. £24,000. After the 2nd of these i ended up moving back in with my parents and tried using an IVA to get my finances back on track. It was started on 23/9/10.


Due to having to pay high maintenance costs to CSA/ex-partners and having to pay all the travel costs to see both my children and struggling with day to day bills my IVA failed in Oct/Nov 2012.


I have been checking my credit files recently and on 3 different credit files the IVA is showing as completed on 10/1/13. Nearly all of the companies involved in the IVA are not showing on my credit files but a couple are.


I have recently been able to pay off a few smaller debts that are on my credit files that i have accrued since the IVA (And were therefore not included in it).


What i am confused about though is that i have now received 2 separate letters from companies involved in the IVA in the last 2 months saying i owe them money still and that they want me to contact them.


I have a few questions now though,


1) Even though i know i still owe them the money would they be statute barred now or when would this become the case?
2) One of the 2 companies isn't even showing on my credit file so is that allowed?
3) Why would my credit files show the IVA as being completed when i know that it did actually fail.
4) I obviously haven't got a certificate of completion but can i use my credit file (saying that it was completed) to write to these companies????
5) Could these companies have seen i have paid a few smaller debts hence them now sending these letters.
6) Could all of the other companies in the IVA now send me letters asking for their money?


I appreciate that there is a lot of questions but i have have gone through numerous threads on here and other sites and cannot find anything similar to my situation.


Thankyou for looking and i hope i haven't bored you too much :-)

Giggles_Fairy

The debts are not statue barred. To be statue barred there will have been no payment and no contact from the creditor within the last 6 years. If you have moved address and not updated them they may have been sending correspondance in this time, and therefore it would not be statue barred. In your instance the IVA is a form of contact.

The only evidence you can use of your IVA completing is a final report and completion certificate.

Did the IVA definitely fail? Did you remain in contact with your IVA company and get a failure report? The reason I am asking if that occasionally if the debtor is uncontactable the creditors may attempt a variation to full and final or terminate and let the creditors decide, although this is usually done when it is near the end of the IVA and you were only two years in.

When your IVA failed did you not contact all your creditors to agree a payment arrangement? This should be the next step for anyone that fails an IVA (unless they are going onto a DMP with a company or bankrupt).

Confused_debtor

Thankyou for your reply Giggles Fairy,


I had a letter from the IVA company for an updated income and expenditure status but after I stopped paying the monthly payments I then never heard anything at all.


I was contemplating bankruptcy and was looking into that as the next step as nothing else seemed possible. Since no one contacted me I was just burying my head in the sand and never did the bankruptcy bit.


I have never heard anything from the IVA company or the creditors until the last few months. All of a sudden 2 of them have contacted me.


Is it worth contacting the court or IVA company to see what the result was? As I say it shows as completed on all my credit reports....


I am slowly getting my self back on track and have paid off numerous debts I had, however these 2 appear to be the biggest debts and I would like to save up a little bit so that I can pay them a lump sum to resolve them.


Do these companies keep track of peoples credit files and if they see other debts being paid then chance their arm to get their debts back?


Still not sure which is the best way to deal with this mess....

National_Debtline

Hi Confused

I think the best thing for you to do at this stage is to contact the Insolvency Practitioner who handled your IVA. The "completed" status on your credit report is likely to be a misnomer - it just indicates here that the IVA is no longer active.

I think you need to assume for now that none of the debts in your IVA will have been paid off completely and satisfied - it's not standard practice for them to be paid one at a time by the IP. Some creditors will just be better at chasing you up than others.

You mention accruing debts since the IVA failed - this will no doubt make it easier for old creditors to track you down as your new address will be linked to your old ones on your credit report. So please don't be surprised if you start to hear from others in the near future.

Please post again if possible after getting in touch with the IP and we can try to advise further.

Dennis
@natdebtline

Confused_debtor

Thank you Dennis, I'll try and find all the paperwork and contact them. I'll post back when I find out more....