failing IVA

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Post by tinytori » Thu Jan 31, 2008 9:01 pm
Hi Guys

Why do IVA's fail.....what I mean is from your experinces normally why do people go bankrupt ??


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Post by Skippy » Thu Jan 31, 2008 9:57 pm
Hi Tinytori, how are things going for you?

I can only speak for myself, but my IVA failed because I couldn't afford the repayments. The figures were wrong in my proposal, and although I read it through more times than I care to remember, I'm not very good with numbers (I struggle to work out figures) and I didn't pick this up. I ended up being £200 a month short, which is a lot of money! I asked if a variation was possible, but I had the 'no variations in the first 24 months' modification so I either had to struggle on or go bankrupt. I took the choice to go BR as I don't own a house, and I knew that I couldn't manage for the next 5 months, let alone 5 years! The decision was actually made for me when my uncle died and I couldn't afford flowers for him - although Dave paid that made me realise that there was more to life than money.


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Post by MelanieGiles » Thu Jan 31, 2008 10:06 pm
IVAs can fail for a number of reasons - change of circumstances, apathy of debtor, job loss, illness or birth of children being perhaps the most common.
Regards, Melanie Giles, Insolvency Practitioner
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