Unfortuantely my IP has told me on the phone that I have failed my IVA due to sunstantial arrears.
My IVA has run out of time for an arrangement to be made and they are looking for a sum to finalise the IVA.
However there is a good chance that I can raise the funds from my business in 3 months. It's the busiest time of the year for me and in the last month it's showing a substantial upturn. It's a pioneering type business model and I fel that I have got it right at last.
Is there a formal proceedure eg. In writing before an IVA fails? Is it likley that they will delay bancruptcy proceedings for 3 months perhaps to avoid any possibility of litigation or liability for consequences?
You need to speak to your IP to see if anything can be done.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You IP will not necessarily seek BR and may just fail the IVA instead and let you deal with the repercussions.
Are they saying it will not fail if you can bring arrears up to date immediately?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I would have a frank chat with your IP ( if you can -- who are you with ?). If you have missed three payments the IVA will fail unless the IP can ask the creditors to forgive the breach.
I would think there is a chance that, with creditors agreement, a stay of execution could be agreed -- after all there is then a chance they will get some money without the hassle and cost to them of BR --- which they might not bother with unless you have substantial assets, as it all costs.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The trouble with any business model is that you need to get your customers paying on time as well.
Also don't forget if you are Ltd. bankruptcy is not an option.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
If the IVA has not failed you can request a variation to be called offering the lump sum within a certain time. Creditors normally acceot these type of variations.
Peter - I would suspect that the income from your business over next 3 months would form part of your disposable income and be due to the IVA anyway. Have a chat to your IP.
