Cancelled IVA

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ricburton

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Post by ricburton » Wed May 14, 2008 9:50 am
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Hi everyone,

Can anyone help?
I was in a IVA but fell behind in payments so my ip cancelled the IVA. My circumstances have now changed and i am in a better position. could i enter in to an other IVA?
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ianmillington

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Post by ianmillington » Wed May 14, 2008 10:05 am
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Yes you can, although it will greatly help the cause if you are able to provide in the second proposal the reasons the first one failed.

Ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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MelanieGiles

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Post by MelanieGiles » Wed May 14, 2008 10:10 am
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Your creditors, assuming that they are the same ones in the first IVA and no further credit has been incurred, will be naturally suspicious of the viability of a new IVA, so your new IP will really need to work hard to justify that you are now sufficiently committed to a new agreement.
Regards, Melanie Giles, Insolvency Practitioner
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Oliver

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Post by Oliver » Wed May 14, 2008 11:30 am
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This is entirely possible but as the others have pointed out the fact that your first IVA failed will need to be explained in detail alongside the reasons that you know believe that an IVA is viable.
Best Regards
Oliver
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