We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Anything after IVA
Options
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
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
0
Comments
-
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.0 -
If the IVA only got £9k be thankful he didn't go bankrupt, if he had you'd most likely have seen £0
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards