If the IVA has been failed by the IP then you are effectively back to square one. Creditors rarely make people bankrupt especially if the supervisor has not done so.
My iva hasn't failed but I've been paying 92-00 a month and now my husbands benefit has gone up and there's the 50/50 clause which will put our payments up to about 172-00 per month. We have another 48 months to go and at the end we'll have paid over the original debt of 7000.00. Would I be better to let iva fail and make payments direct to creditors.
I'm not an expert (and I'm sure one will comment) but I'm not sure you should even be in an iva - there are probably better alternatives.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi I was in a DMP and this was fine but I started getting calls from the manager and he talked me into it now I wish I'd held my ground as I could have had only 11/2 years left
Would suggest you get some seperately advice from citizens advice etc.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It is rarely good advice to cancel an existing IVA so the CAB is an option. You could discuss this with your IP if you are not happy and see what they say.
Sorry the Citizens Advice Bureau. They could advise whether the IVA was the right thing at the time and what to do going forward. Bear in mind that many benefits are excluded from IVAs so you may not need to up your payments at all anyway.
