IVA Failed and Ended

[David Jacobs]

My IVA has failed and my supervisor has brought it to an end.

He called a meeting of my creditors and asked if the wanted to petition for my bankruptcy, they said no. I asked him if he was going to petition fo my bankruptcy and he said no.

Where do I stand now?????

Can anyone help?

Kind regards,

David

[go_4_broke]

David, I suspect it might have a lot to do with how far into the IVA you were, it might help others to answer if you could add that.

-Best


'5 years sticking my head into the Lion's mouth of debt !'

[Skippy]

Hi David, my IVA failed 4 months in, and I was advised by my IP that I will need to petition for BR myself, which I am going to be doing in April or May.

Good luck with whatever you do.

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[accgroup]

Hi David

How far into the IVA were you?

You are basically back to where you began - you have all the same options as when you started your IVA - another IVA could be an option (depending on the reason why you failed the previous one), bankruptcy, debt management, etc. You will no longer have the protection from your creditors which your IVA provided so they are now free to pursue you for the debt in whichever way they deem appropriate.

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[go_4_broke]

Accuma,

If the IVA was quite a long way in, the debt would at least have been reduced ?

Just wondering. . .

'5 years sticking my head into the Lion's mouth of debt !'

[neverending]

Go for broke
Probably not as the IP would keep all the money to cover fees and I would guess that this would be the case unless the IVA is more than two years in.
So David is probably back where he started and should look at all options again.
regards