Hi, i was wondering over the years our payments have gone up due to wage increases etc.. my question is we ade now paying more on the iva than we were to the original debts. Would we be better off failing the iva and just starting to pay creditors?
You will always owe all of the original debt + IVA fees and possible interest.
If you fail your IVA - creditors will be entilted to add Interest and persue you for the debt (ie - CCj /charge on the house)
At least with the IVA you have protection and a set period 5/6 years depending on your circumstances
Last edited by ginger323232 on Sat Sep 20, 2014 4:01 pm, edited 1 time in total.
I sincerely doubt it -- the first thing that will happen is that the creditors will add back lost interest and, possibly, late payment charges and you will owe more than you originally did, whilst losing whatever you have paid into your IVA thus far.
Having thrown away the lifeline your creditors have agreed to they are likely to be less co-operative and will pursue the debts.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
