resume normal payments if circumstances improve?

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kak

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Post by kak » Sat Jun 30, 2007 2:59 pm
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I have a couple of questions.
1. What happens if I do not include everything on my IVA application? Is there any criminal liability for not including certain things you want to remain separate?
2. Once you start the IVA are you tied to it for the full term or can you cancel it and resume normal payments if your circumstances improve?
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Adam Davies

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Post by Adam Davies » Sat Jun 30, 2007 4:14 pm
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Hi
You MUST include all debts and assets in an IVA,if not then you may be liable to criminal proceedings.
Yes you are tied to the full five years and if your circumstances improve you simply pay more into it until all original debts,IP fees and interest is paid.You can stop paying at anytime but the IVA will fail and you will be back to square one.
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
Andam Davies
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