IVA help

StarshipUK

I am owed over £17,000 by someone and have a CCJ against them for this, which the court bailiffs have been trying to recover.


Today I got a letter regarding an IVA offer showing they owe other debts too, totaling over £31,000.


It says the proposed repayment is £114 or £6840 over 60 months. It also shows Nominees Fees of £1900 and Total Supervisory Fee of £1750 and dividend in IVA at 10.18


The thing is they have mentioned on the form they are not employed, which is wrong as I know they are a partner in their business and they are working self employed, which means the income shown is lower than it should be. They are also using a new car, although I expect this may be leased in their partners name.


I am unsure how to proceed. Can anyone offer advice?

sourcrates

At £17000 you may be the majority creditor, it could be your vote that decides yes or no to the arrangement.

You won’t get much back if they enter an IVA, a few hundred quid at best.

If they enter insolvency, your CCJ is automatically annulled.

fatbelly

It could be that they have fallen prey to an IVA-pusher. I agree with sourcrates that it is not likely that you will get much back if you agree to this. The only winner will be the IP.

You can always suggest different terms.

However ... if we were advising someone in that situation we would probably advise bankruptcy unless they had something to protect.

You could ask about the car, though I would have expected the court bailiff to have taken a look at that. It's often difficult to work out who owns a car as the keeper is not necessarily the owner.

They other possibility is that they own property somewhere and, if that is the case, a charging order might be your best move.