If my IVA fails will I be made bankrupt or would I be given to opportunity to enter a DMP? I think I have made a mistake entering in to an IVA and would like some advice please.
I have been in IVA for nearly 2 years. If it fails would all payments made so far be taken off the total amounts owed?
Why do you think you have made a mistake? Are you having problems?
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 think it would be better for you to negotiate lower payments to your creditors than risk failing the IVA and then finding that a DMP does not provide you with the same level of protection.
As you are currently discussing your income and expenditure with your IP, has this been suggested at all?
