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smile or cry
Junior Member
United Kingdom
179 Posts |
 Posted - 19 February 2009 : 11:12:06
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We went into an IVA on 30th March 2007, we had missed a few payments, had a variation meeting then still contiued to miss payments. when we spoke to our IVA company we said we thought as we had missed those payments that the IVA would fail, to be told NO, we shall put it on the end. We have had issues with our IVA company as they continue to say my husband has worked extra when he hasn't, this is due to the five week months. We questioned them then they decided that we had to make payments seperately.
We finally decided to go BR, we have no assetts & got into this mess through lack of work in 1999, Ill health & constant consolidation at the advise of the bank.
We have heard back from our IVA company & that they have completed their administration enclosing copy of circular terminating the IVA & confirming they have failed & Certificates of Non-Compliance issued.
What I don't understand is why they are holding a meeting of creditors on 1st April to decide how the voluntary arrangements are to proceed, when we are going to petition our own BR
Is it also best to petition for BR before this meeting or wait till the meeting has been held.
I have also been off work with depression / Stress at work since November 2008 & I do not know when I will be returning & I am due to go on half pay soon & worry that the money we have to pay for BR x 2 from stopping our IVA payments will be eaten up due to me soon going on half pay.
Advice on this would be gratefully received |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 February 2009 : 12:20:10
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I've not heard of that before.
You have your certificates so I would think that you can carry on and petition.
Was there anything in your proposal that said that some of the funds were to be held back for bankruptcy? I would check - that might be why they're holding a meeting.
The glimmer gets brighter all the time
Jan
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 February 2009 : 12:22:58
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So sorry to hear you have had such a bad experience with your IP. Give them a quick ring and inform them of your decision to file for bankruptcy and ask whether or not this affects their meeting on 1st April. The only reason I ask you to contact them on this point is that sometimes if an IVA fails for non-compliance the meeting is held and creditors may decide that bankkruptcy is the best option and request that any funds currently held by the IP may be used to fund the bankruptcy (which if this was the IP/creditors intention would save you £495 each!)You have nothing to lose by asking and everything to gain if this is the IP's intention!
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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smile or cry
Junior Member
United Kingdom
179 Posts |
Posted - 19 February 2009 : 16:04:59
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I have just spoken with the dept dealing with our case & asked why is this meeting being held to discuss which way to proceed. Their response was the meeting has to be held legally, I asked if this meant that they hadn't failed the IVA and was told you have the non-compliance issued so they will fail it. There are also funds set aside to file for BR which will be discussed at the meeting, I asked if the money would come back to us in that case to file for BR & they couldn't say.
Thank you for your advice it is a real help |
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Finally decided to go BR & fail our IVA's
