received a letter that my IVA had failed

[rob.w]

I RECIEVED A LETTER COPIED TO CREDITORS THAT MY IVA HAD FAILED AND THAT I HAD NO ASSETS.
I HAVE HEARD NOTHING EXCEPT A LETTER BASICALLY THAT NO CREDITORS ATTENDED THE MEETING. I AM WORRIED WHAT WILL HAPPEN NEXT.
WILL I HAVE TO GO TO COURT?

[ianmillington]

Firstly check at the DTI as to whether your IVA has been removed from the register

Ian

[pbeck]

Are you saying that your IVA had never been approved in the first place because there were no votes at the first creditors' meeting or had it been approved previously and there been a second meeting called to consider a variation to the IVA after you defaulted on it ?

If it had never been approved originally then it would not have appeared on the DTI register.

[Lisa2009]

Phill, im reading that the same way as you are. It does sound like the IVA was never approved .

rob perhaps you could post a few more details in order to get better advice.

[rob.w]

NO. MY IVA RAN FOR NEARLY 2 YEARS UNTIL 3 DEFAULTED PAYMENTS. A CREDITORS MEETING WAS ARRANGED BUT NONE OF MY CREDITORS ATTENDED. I HAVE RECIEVED A LETTER OF CANCELLATION OF IVA ,BUT HAVE HEARD NOTHING SINCE DECEMBER LAST YEAR.

[Lisa2009]

Hi Rob, basically you are back to where you were before the IVA started and your creditors are free again to chase you for payments or to petition to have you made bankrupt.
Do you own a home or anything that would be at threat if you were to be made bankrupt?

mrs skint

[rob.w]

Ihave no assets. would i be better declaring myself bankrupt?

[Lisa2009]

With no assets to protect, bankruptcy may well be the better option. It will put an end to any creditors chasing you.

mrs skint

[rob.w]

Many thanks for your help and advice!

[Lisa2009]

You are very welcome and if you need any more advice, just ask and somebody will be happy to answer.

mrs skint

[Soulgrowth]

Rob ... would it be better to wait see whether one of your creditors will make you bankrupt? This will at least save you the fees!

Does anyone know historically what the chances of this are?

Debbie

[rob.w]

I was wondering that myself.

[rob.w]

I have read that if no assets creditors will not chase bankruptcy,as it costs 1000+. (throwing good money after bad)I am not proud of my situation and am worried i may be summoned to court.

[Soulgrowth]

"Experts" what happens in this situation ... if the creditors wont chase to bankruptcy and you do nothing ... then what happens?

Rob ... good luck ... even if you go to court ... it really isn't the end of the world!! I was in court last year relating to my debt situation and the judge was very sympathetic telling me "not to worry because the big institutions are insured agianst situations like this!" ... so long as you can hold your head high and answer to yourself that you have done everything you morally can to address the issue ... then there's nothing more you can do ... easy to say I know, but it is only money.

Good luck

Debbie

[rob.w]

thanks Debbie