If our IVA should fail for any reason

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e.h

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Post by e.h » Wed Sep 19, 2007 11:49 pm
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Hi Experts

If our IVA should fail for any reason (we are coming up for our annual review, and you never know!), would we be given the option of DMP rather than Bankruptcy?
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Chris.z

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Post by Chris.z » Thu Sep 20, 2007 10:15 am
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Hi , I am in a similar situation and yes I think a DMP is viable as it is unlikely that a creditor will make you bankrupt as they recieve very little return in Bankruptcy.

I am sure an expert will answer shortly though with more details.

Chris
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Sadsack

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Post by Sadsack » Thu Sep 20, 2007 10:18 am
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Hi e.h

Why do you think your IVA is going to fail? If you think it is going to, there is no reason why you should not be able to petition for your own bankruptcy.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/
Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/
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iva experts

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Post by iva experts » Thu Sep 20, 2007 10:42 am
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Hi e.h,

Usually the main reason for IVA's failing is that you have missed more than 3 monthly payments without telling your I.P etc. Is there any specific reason why your IVA would fail?

However if your IVA does fail, you would in a sense be back to square one so you could either decide to go into a DMP or go bankrupt.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/
Last edited by iva experts on Thu Sep 20, 2007 10:43 am, edited 1 time in total.
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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