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ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 740
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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If a creditor declines to participate in an IVA at the outset

Customer Question

If a creditor declines to participate in an IVA at the outset and the IVA has now completed can the creditor approach you to repay the debt?
Submitted: 1 year ago.
Category: Law
Expert:  ukfamilysolicitor replied 1 year ago.
Hello
Welcome to Just Answer
I am a Solicitor and will try to assist you.
Please may I ask:
- was the alliance and Leicester loan included in your IVA?
- is the letter a demand for payment or are they just telling you that they have taken over the debt?
Kind Regards
Caroline
Customer: replied 1 year ago.
They declined to attend/ participate in the original creditors meeting at court? During the term of the IVA they were taken over by Santander every year they sent me a statement of account as the are obliged to do. I was told by my practitioner that they declined to participate and as such could not approach me to recover the debt. Since then my IVA has been discharged and completed in April 2014. I have just received a letter asking me to seek advice if I don't do anything this could have an affect etc
Customer: replied 1 year ago.
They are requesting a payment of arrears in full and invite me to call them to arrange payment
Expert:  ukfamilysolicitor replied 1 year ago.
Hello
Thank you for your response.
So they didn't object to the IVA and they were not included in your IVA - is that correct?
Kind Regards
Caroline
Customer: replied 1 year ago.
They declined to enter into the IVA arrangement despite the invitation
Customer: replied 1 year ago.
So I suppose the answer to your question is yes
Customer: replied 1 year ago.
Hi Caroline are you still there?
Expert:  ukfamilysolicitor replied 1 year ago.
Was this loan a secured loan?
Customer: replied 1 year ago.
No it was to finance a car purchase as far as I can remember, unfortunately because the IVA was completed I disposed of all documents earlier this year. I am going to call my practitioner later this week I'm assuming they would keep some records I wanted some advice up front before I spoke to anybody there.Kind RegardsKevin
Customer: replied 1 year ago.
Hello?
Expert:  ukfamilysolicitor replied 1 year ago.
Hello
Thank you for confirming this for me. I now understand. Although I appreciate that you are not going to like my advice.
Hire Purchase payments are not subject to the IVA. A Hire Purchase agreement is a secured debt. As such under normal circumstances it cannot be included in the Arrangement.
The lender can therefore legally pursue you.
I am sorry as I appreciate that this is not what you want to hear.
Kind Regards
Caroline
Please kindly remember to rate positively so that we receive credit for our time.
Customer: replied 1 year ago.
It wasn't via a finance house or brokered through a garage It was a bank loan not an HP agreement if that makes any differenceKind regardskevin
Expert:  ukfamilysolicitor replied 1 year ago.
Hello Kevin
What you really need to know from your IP is if the loan was a secured loan or not.
I am concerned because any loan that is not included in an IVA could still be chased after your IVA has ended.
If the loan was unsecured - the lender would not have had to actively take part in the creditors meeting and if they hadn't actively rejected which caused it to be declined (which it wasn't) then they should have still received a dividend.
I hope this helps
Kind Regards
Caroline
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 740
Experience: Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
ukfamilysolicitor and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thanks Caroline it's given me some thing to think about I will speak to my practitioner many thanks.Kindest regardsKevin
Expert:  ukfamilysolicitor replied 1 year ago.
Thank you for your kind message. I wish you all the best.
Kind Regards
Caroline

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