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Anything after IVA

2 replies 107 views
matty2431matty2431 Forumite
1 posts
MoneySaving Newbie
A few years ago I lent a friend £15000 to help his business 
He lost contracts and the business failed , he went into an IVA
He then paid about £9000 off the £120000 he owed and was marked as complete 
Other creditors agreed and he got over 85% approval .I didn’t agree
I have received only £878 back and now can’t go any further legally, is that correct
or is there any other way to try and claw some more money back  

Replies

  • fatbellyfatbelly Forumite
    15.2K posts
    Part of the Furniture 10,000 Posts Cashback Cashier Car Insurance Carver!
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    That's correct - he only needed 75% approval to get the IVA approved.

    You all got a return of 5% by the sound of it - the rest (3k ish) would have been fees.

    That's the way an IVA works and that's the end of it now.
  • mwarbymwarby Forumite
    2K posts
    Part of the Furniture 1,000 Posts Name Dropper
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    If the IVA only got £9k be thankful he didn't go bankrupt, if he had you'd most likely have seen £0
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