if circumstances change

2 posts Page 1 of 1
Post Reply
 
 

golfgonemad

User avatar
Posts: 1
Joined: Mon Jan 14, 2008 3:22 pm
Location:
Post by golfgonemad » Mon Jan 14, 2008 3:23 pm
Quote
Once in an IVA and circumstances change (ie entered a joint IVA and relationship ends - now running 2 homes on same income)can payments be reduced significantly? Is it possible to decide to go bankrupt during an IVA if having difficulty meeting the repayments?
Top
 
 

pbeck

User avatar
Posts: 276
Joined: Fri Jan 04, 2008 11:12 am
Location: United Kingdom
Post by pbeck » Mon Jan 14, 2008 3:49 pm
Quote
Yes, you can go bankrupt if you want, it will end the IVA.

If you wish to remain in the IVA, then the Supervisor could call a meeting of creditors to approve a reduction in payments due to the break-up, but the creditors will only accept it if the level of residual payments are meaningful

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist
Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist since 1996.
Top
Post Reply
2 posts Page 1 of 1
Return to “postings for january”