Hi I have been in a iva since 2009 with McCambridge Duffy.this year I have over earnt and not paid all of it in to the iva but have paid some.I was wondering if it's worth staying in the iva or letting it fail and going bankrupt I'm in negative equity with my mortgage could you advise what would happen if I did this. Thanks Paul.
On the basis that you must around 4 years into your IVA it seems a bad idea to fail it now if your issue is that you have earned a bit more and did not pay over the bit extra due to increased income.
As an ex-customer of them I can safely say you can talk to them to resolve it.
Remember though it's your IP that fails it and they are human and this may simple be considered a non-compliance to be resolved if you talk with them.
You've come so far so to fail it because of this especially if you are able to continue to pay the currently agreed monthly bankruptcy does not seem to me the right way to go regardless of negative equity based on what you have said.
Last edited by herbekj on Thu Apr 11, 2013 9:59 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I guess it all boils down to whether you want to continue paying or not - and if not, that you consider the consequences of an IPA/IPO for three more yeares, coupled with the cost of the bankruptcy petition and an impaired credit rating for another six years.
It seems a bit drastic to go bankrupt now and I am sure we can resolve the problem with the underpayment. At worst your IVA could be extended to bring in the shortfall but even at that it could still be less than a further 3 years on an income payments order with a massacred credit file.
