Claim back loan

System

Contact him and if he doesn't pay then point out the above about the £500 limit and that you'll notify his IVA administrator of the loan which will then mean an end to his IVA and people he owes money to will come after him again.

When lending money it is up to you to make sure they're credit worthy enough to repay, not for them to tell you because they could tell you any load of rubbish.

Craig1981

DocJo89 wrote: »

Yes. Charlie entered their IVA on October 2015 and we signed out P2P October 2017. Back then they did not disclose that they were under IVA, or I would have not given them any money...

there you go. if you conceded to the fact the money is gone (if you do not want to pursue up to enforcement stage, or having bailiffs around, which will cost you even more), you last bargaining chip is to threaten him with informing the IP of his actions, which will result is IVA cancelled, and if debt are what they are, may force him into bankruptcy - may seem the same thing, but bankruptcy is worse that IVA.
hopefully he will start to pay you back again, if not, he risks losing more than just his friendship with you!
let us know how you get on

Pixie5740

DocJo89 wrote: »

Yes. Charlie entered their IVA on October 2015 and we signed out P2P October 2017. Back then they did not disclose that they were under IVA, or I would have not given them any money...

There was nothing stopping you from doing your due diligence by checking the insolvency register yourself before lending Charlie any money but you didn't. Why do you think Charlie went to you and not a bank?

Does Charlie own property? That's the only reason I can think of as to why someone would choose an IVA over bankruptcy in the first place, well that or because they contact a debt company rather than a debt charity who flogs them an unnecessary IVA.

DocJo89

Thank you everybody for your help.

One more question: I have now secured a CCJ that orders Charlie to repay me. Considering the timeline (first Charlie got an IVA, then got a loan from me, thus their debt to me is not part of the IVA) am I still prevented from enforcing the judgement through bailiffs? Thank you!

Pixie5740

DocJo89 wrote: »

Thank you everybody for your help.

One more question: I have now secured a CCJ that orders Charlie to repay me. Considering the timeline (first Charlie got an IVA, then got a loan from me, thus their debt to me is not part of the IVA) am I still prevented from enforcing the judgement through bailiffs? Thank you!

There's nothing preventing you from enforcing the judgement but it would seem Charlie has no money hence the IVA.

sourcrates

DocJo89 wrote: »

Thank you everybody for your help.

One more question: I have now secured a CCJ that orders Charlie to repay me. Considering the timeline (first Charlie got an IVA, then got a loan from me, thus their debt to me is not part of the IVA) am I still prevented from enforcing the judgement through bailiffs? Thank you!

All charlie has to do is add the debt to his IVA.


If the debt is less than 10% of the total already included, his Insolvency Practitioner (IP) should simply be able to add it to the arrangement.

However if the debt is larger than 10% a formal variation of the Arrangement will be required.

If he does this your CCJ will be quashed, and you will again be back to square one, with no further enforcement options open to you.


If your going to act, do so now, by upgrading to the high court and get HCEO`s to visit charlie before he can contact his IP.

But, as mentioned above, you may be on a hiding to no where as people who enter insolvency usually have no money or assets worth seizing, you need to decide if all this effort is worth it, for possibly no return.

foxy-stoat

As I said before : "expect to get very little back"

Having said that, he told you in June that he was in an IVA AND sent you a payment, but not the following month.....I actually like Charlie now, and dis-like you more now that you have put a CCJ on him, a little pointless as he is in an IVA and the CCJ will drop off his credit file (which is already trashed ) in 6 years which will be about the same time his IVA will drop off - so you really havent achieved anything.