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gunx01
Starting Member
23 Posts |
 Posted - 17 March 2010 : 18:53:33
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Hi all!
I was halfway through the process of going BR (nothing sent to courts yet).
Spoke to my IP as I am currently in an IVA which is due to fail soon but no notice of termination has been issued yet.
My IP suggested that they may be able to offer my IVA payments up to date as a full and final settlement towards the creditors.
I have paid 3 full years into the IVA and have missed the last 12 payments (its surprising that my IVA didn't fail a long time ago!!).
I have sent my IP an I&E stating that I am in minus figures for disposable income and they have now passed me to their 'Variation Team' of which I will be speaking to next week. What is the 'Variation Team' and what will they ask me??
If you consider my full debt as a whole before the IVA, my payments so far will have paid a quarter of the full amount owing. Does anyone think that the creditors will accept this as there is nothing more that I am able to pay and no lump sum?
I find it hard to see why they wouldn't accept it as my only other option would be BR, in that case I have no assetts for them apart from my car which is worth less than 2K. Maybe they will not accept it and make me go BR out of spite to teach me a lesson??
What are your thoughts?? |
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debtinfo
forum expert
2826 Posts |
Posted - 18 March 2010 : 07:35:19
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| I dont see why they would accept as they will get the money anyway, as you have already paid it, i would ony think they would accept a full and final if you could introduce additional funds |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 18 March 2010 : 09:53:45
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Hi gunxo1
I agree with debtinfo on this.
The "variation team" will be a department that deals with variations to VA's (yes it is that simple!) I would expect them to ask you for an up to date statement of affairs and income and expenditure account.
It is possible that your supervisor could write to creditors explaining that they will be no better off by making you bankrupt and they accept what you have paid so far in full settlement, but it is unlikely.
It may be that your IVA has a clause in it that your supervisor has to petition for your bankruptcy if you don't comply with the terms, and this would almost certainly have been triggered by you not paying 12 contributions. If this is the case I would ask the supervisor (if a variation is not viable) to present a petition on the grounds of your non-compliance.
If the IVA does not have a clause instructing the supervisor to do this, once he issues a certificate of non-compliance your creditors could then petition, or, more likely, start writing to you again. In this case it may be in your best interest to petition ASAP.
However, if your supervisor is willing to put forward a variation for full settlement on the basis of what you have already paid, there is no harm in trying it - all it will cost you is a couple of months.
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