Hi!
I have a three part question for you.
1. Could i make myself bankrupt at anytime during my iva???
2. What would happen (in theory and unlikly) if my creditors defaulted me and made me bankrupt???
3. What would happen to the 36 months of payments i have already paid???
You can apply for bankruptcy if the IVA is in default, and your Supervisor confirms that the IVA has failed.
Your creditors can also apply for your bankruptcy if the IVA falls into default - the effect of which is the same as if you petitioned yourself, with the saving of the £510 Court fee
The monies already paid would be distributed to the creditors bound by the IVA.
If you are struggling with your IVA, then firstly speak to your IP who may be able to get your payments lowered.
It would be a shame for it to fail now after 3 years.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
