And they may even be obliged to petition for your bankruptcy, if the terms of the IVA dictate this - although this is becoming rarer and rarer as time moves on in the personal insolvency world.
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
I believe you have to miss three payments, then you will be in breach and the iva will fail.
Unless one of the technical experts knows otherwise, it wouldn't hurt to inform your ip of your intentions.
I'm sure Melanie or Andy will be along to confirm or otherwise.
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
Yes - Kallis is correct. The IVA must be in default before you can present a petition these days, or you will have to produce a letter to the Court from your IP confirming that they have no objection to the bankruptcy application.
so if i just dont pay for the next 3 months i will defaut or i have the option to inform the ip and if they dont object then i can file for bankruptcy.
I don't know if the IP will fail you just on a phone call. You have to miss the three payments and wait for the failure notice. You can use the money you would have paid across to the IVA to fund your br payment.
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
I was with Payplan and split from hubby rang and explained that the IVA was no longer viable, I had missed one payment previously, I explained my intention of BR and they were fine, said she would pass it through to the relevant dept which would take about 6 weeks to get a failure letter out for Court, the court had a waiting list of around 7 weeks anyway, so timing was great.
Obvioulsy BR needs to be seriously considered and I think people tend to think its an easy option but you really do need to think it through first.
No offence intended. Good luck with whatever you do.
