Failed IVA

[lincolnlass]

I need some advice, my IVA failed last month after 3 years due to me just not being able to keep up the payments.

What do I do next do I wait to hear from creditors or do I try and sort out a solution. My situation is made more difficult as I will be going on maternity leave for a year in december and my income will dramatically reduce.
I have approximately £25,000 of debt

[Julie]

Hi -sorry your IVA has failed. Basically you are back to square one and you need to find another solution ASAP.

You can try to enter a DMP with the creditors or maybe look at bankruptcy as an option. Has your IP given you any advice on what to do next?

[angelrainbow]

I am so sorry to hear your IVA has failed. I can only echo what Swans Girl has said. I hope you can find another solution very soon. Good luck.

[lincolnlass]

I@ve had no advice from them at all, so now back to where I started and its all still very confussing!!

[Shining]

Welcome to the forum linolnlass and there is always a solution for each circumstance.

I would suggest reviewing your current circumstance with an alternative company, would Bankruptcy be an option for you or a debt management plan as already suggested?

Maybe contact a professional and go through all your options and then take a moment to decide which is your best option?

I hope it's sorted very soon for you as it sounds like you're going to be busy in the months ahead when on maternity leave. All the best.

[rayb]

Hi,

Very sorry to hear of your IVA failing. I would be inclined to go back to your IP seeing that you paid 3 years worth of contributions and see if they could offer what you paid as a Full and Final to your creditors based on your current and future circumstances and conclude the arrangement. It is a lot of money to have paid in just to lose.

[MelanieGiles]

Which firm are you with? They ought to be helping you to resolve the situation and not sitting back letting you continue to worry.

If you have paid 3 years worth of contributions, and due to a change of circumstances cannot pay any more, it is definately worth getting your IP to see if creditors will accept what has been paid to date in full and final settlement - given that 3 years would have been the maximum you would have paid under the alternative bankruptcy proceedings.

I would do this if I were your IP, so why not give it a go - and let us know how you get on.

[orchid5]

Hi lincolnlass and sorry to hear that after 3 years your iva has failed i agree with Melanie your IP should be helping you sort this out and surely should have been doing something to help you before you reached this stage. Go and seek some advice you can do without this worry especially now that you have a little one on the way. Good luck i hope you can sort this out fairly quickly.

[Debtwitch]

Welcome Lincolnlass!

Which IP firm are you with?

Get in touch with them ASAP to discuss F&F rather than just failing. Listening to your circumstances, I'm sure creditors will be sympathetic.

Good luck with your very important up-and-coming event! Whether or not it's your 1st, it is a very special time and I wish you all the best - such an exciting time!

The fact that you have lost your job AND you're pregnant should certainly help persuade creditors to support you in this difficult time.

Come back here after speaking to your IP. I hope you can give us some good news, but if your IP feels unable to resolve your situation, come back for more advice.

Very kind regards,

[lincolnlass]

Thank you all for your advice it is really appreciated.

I have gone back to my IP with the suggestions of proposing full and final settlement in light of the payments and my change in circumstances.

I will just have to wait and see, hopefully the fact I have always increased payments when possible and kept up to dat until now will all help.

I'll let you all know how I get on.
x

[rayb]

Hi,

Please keep us posted. I am sure they will conclude it based on contributions already paid and you can get on with your life.

[lincolnlass]

Well, following on from me contacting my IP apparently it is to late to convine a creditors meeting. So according to them I have three options
DMP
Contact CAb for advice who maybe able to assist in contacting credtitors
Contact the bankruptcy advice service.

The supervisor has sufficient funds to pay 9.30pence in the pound from my iva and that should be taken in to consideration when my debtors recalculate what I owe.

The company are not prepaid to do anything else to help me resolve the problem!!!

So any advice onthe next step would really be appreciated please!!

[zim zim]

What a fine service that is Lincolnlass! As a matter of interest what company are you with?

Regards zim zim

[lincolnlass]

It was Cleardebt and to be honest it sums up their service for the whole process and time! Completely useless!!

[stonecoldbroke]

Hi Lincolnlass, I have just read you have had to fail your IVA. I am also having to fail mine due to a dramatic loss in earnings. I am with Cleardebt also, i have missed one payment so far, havnt told them im having to fail my IVA. To be honest, dosnt fill me with much hope of any help from them after reading your post. I have decided that BR is the only option for me now. Just remember though the most important thing is your new arrival above everything else. Good Luck X