IVA and Insolvency Register question...

newlywed

OH has a joint loan with his ex. The ex entered an IVA in January 2007, as did her second husband.

This was showing on the online insolvency register (the debt collection agency that actually told OH she was on an IVA and we confirmed it using the online search).

However, when you do a search now - it is no longer showing up, nor is her husband's. All IVA's should show up for all the time they are current - according to the website.

So why isn't it showing (it was in just February this year)?

She is suddenly splashing cash about buying new laptops, playstations, nintendo ds, new mobile etc etc.

If she has failed the IVA does that mean the creditors still won't chase her for the debts? Or will it just take them a little time to catch up with her?

Is it possible that she has somehow paid the full amount of the IVA and finished it extremely early? If so, why hasn't the joint debt been reduced by anything other than OH's payments?

Is it likely that they will make her bankrupt, and if so, does anything come off the joint debt, or nothing??

Can someone just offer a bit of advice please?

Whatever happens will affect the kids as they live with her half the week.

OliveOyl_2

Sorry

But here's a bump.;)

newlywed

OliveOyl wrote: »

Sorry

But here's a bump.;)

Thanks.

We just want to know how we find out what's going on, that's all. She's buying all this expensive stuff suddenly and if bailiffs end up at her house (if the IVA failed) then it will affect the kids as they are plenty old enough to be worried by things like that.

newlywed

Does anyone know what the minimum amount of debt is to enter into an IVA?

If it's that easy to get rid of all your debt in just 14 months then I'm seriously contemplating doing it!!!!

GeorgeUK

Taken from insolvency helpline:

In order for an IVA to be feasible, there are some minimum requirements that must be met.

These requirements are:
At least £15,000 of unsecured debt
At least £200 a month available for payment into the IVA
You must have three or more debts to different institutions.
You should have a regular income

Don't know if perhaps they've remortgaged and got a lump sum (and are getting into even more debt by spending everything they have spare)

newlywed

GeorgeUK wrote: »

Taken from insolvency helpline:


Don't know if perhaps they've remortgaged and got a lump sum (and are getting into even more debt by spending everything they have spare)

They live in a council house

GeorgeUK

But have they sold it???

newlywed

GeorgeUK wrote: »

But have they sold it???

:rotfl: Well they haven't told the kids they are moving... yet