Hi Starboy and welcome. If your iva fails you would be back at the beginning and would need to look again at all your options. After 18 months is there any reason why you thing it may fail? Are you struggling with it?
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
Yes you could certainly go back to a DMP if your IVA failed - but only if your Supervisor is not obliged to petition for your bankruptcy. This is becoming rarer and rarer these days, as obviously your creditors would rather get some money than nothing.
The criteria applied to income and expenditure could generally be similar in an IVA compared to a DMP.
The difference in a DMP, as I'm sure you are well aware, is that the creditors will not vote whether to accept or reject it. As such a good DMP company can advise you as to what is and isn't likely to be accepted by your creditors but you can make the decisions about your actual proposal with that information in mind.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
