Hi everybody,This is my first time posting on here.I am looking a bit of advice.I am currently in a IVA and have been for nearly two years.Myself and my partner have got a mortgage property,but we are seriously considering bankrupcty due to personal reasons.What i would like to know is if i let my IVA fail,does my IP make me bankrupt and do i pay for the bankrupcty?I know we are nearly two years into our IVA but i know for a fact that ot will be extended into the sixth year due to equity.Any advice would be appreciated.
Hello and welcome. If you allow the IVA to fail the creditors might require the IP to make you bankrupt if there appears to be a deal of equity they could get their hands on. In this event the fees will be paid from the IVA funds already paid.
There is every chance that you will have to make payments, at a similar level to those in the iVA, for 3 years and your credit file will be damaged for longer.
There is also a good chance that the OR will take an interest in your property and require its sale.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
