HI Im in a iva and have my house up for sale
to pay part of my full and final payment to my creditors. could anybody tell me what happens if my house does not sell will my iva fail and will I be made bankrupt by my creditors . I have till october to sell Thank you s544
Hi and welcome
If your house doesn't sell you will hopefully be given an extension by your creditors.
Very, very unlikely that they will force bankruptcy
Regards
Excellent advice from Andy. It is highly unlikely that they will push for BR.
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
If the property does not sell there is the possibility that it may have to go to auction. However, regardless of what price the property achieves at auction all creditors in the IVA should be bound by the sale receipts. Your IP should be able to confirm this for you.
