debt free in 2016?

pblackb

hi there. i started an iva 6 years ago, after a year into it i got a phone call from a debt solution company saying they could save money and still pay off my debts, after a meeting and lots of research, which all seemed above board, i stopped the iva and started paying in the debt plan, i never missed a payment and was 10 payments away from finishing it when they went into recievership, so i lost all the money i had paid in. I have been on all the credit score sites, because i was unsure who i owed money to. there are 4 defaulted accounts on all of them. There is also one from nram saying settled in 2010, after my house was reppossed and sold, they have now sent me a letter saying i owe them 55k, do i legally only have to clear my unsettled debts, i have just received a letter from a credit card company saying i have defaulted on a debt in 2009, and also from a solicitors called drydensfairfax for a balance of 2,5k for what i have no idea what for.i have no idea what to do next, hoping you can help. thanks paul

National_Debtline

Hi Paul


A couple of questions:


- Was your IVA ever officially terminated as far as you know? You can check whether it is still "live" by searching for yourself on the Insolvency Register:


https://www.insolvencydirect.bis.gov.uk/eiir/IIRRegisterNameInput.asp?option=NAME&court=ALL


Secondly, were all of your debts included in the IVA and subsequent "debt plan"? The plan should have been able to continue as the debt solution company's accounts would normally be bought up by someone else if they went bust. All in all the picture is somewhat confused.


It appears NRAM have contacted you because when your house was eventually sold off (most likely at auction), it did not fetch enough to pay off everything you owed them. They will have anything up to 12 years to pursue you for this "mortgage shortfall".


The two things I would recommend you do for now are as follows:


- If possible, post a Statement of Affairs http://www.stoozing.com/calculator/soa.php on this forum so that we can have an idea of your current financial position and suggest a suitable course of action for you;


- Contact one of the debt advice charities for free, independent advice on what to do.


Good luck


Dennis
@natdebtline