If I fail my IVA will I be declared bankrupt

[n.tr]

If I fail my IVA in the final year will I be declared bankrupt.

[scaredkez]

ntr welcome to the forum, what has gone wrong that you think your iva will fail in the final year, that would be such a shame after i take it paying into it for 4 yrs, if you do fail the ip may have a provision in the iva to petition for your BR with funds that have been held back, if not they will expect you to do it yourself if thats the way you choose, you may find one of your creditors BR you depending, don't here much of that on here, is there no way you can stop the iva failing?
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Adam Davies]

Hi
It depends on why it fails,if a genuine reason has stopped you from making the final years payments such as illness,redundancy etc you can ask the IP to see if the creditors will accept payments made to date as a full and final settlement.As Kerri states it would be a shame for the IVA to fail after four years.
Can you give further details ?
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[OPTIMIST12]

Yes n.tr - if there is any way you can keep that IVA going you must see it through. It would be heartbreaking to fail after four years. Hope you are still reading and will post some more information. Are you still up to date with payments? What has gone wrong?

[iva experts]

Welcome n.tr,

If your IVA fails basically you will have the same options you had when you first enquired. Andy makes a good suggestiong in asking the creditors if they would accept the money received as a F& F offer.

Could you explain why you think your IVA would fail? Have you missed payments?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/