Hi,
Our IVA is on the verge of failing, we are paying a deduced amount agreed currently.Because of an injury I have struggled with full time work.
An error with an electric company has just seen them cancel a debt recovery agreement made separately, and they have invoiced me today for �3400. my DD failed on Wednesday but I called them on the day and customer service was fine about my payday being Friday.
Question : can I go bankrupt and keep my house, or can the new debt be added to the IVA which we are struggling to afford.
You can see if this can be added but I don't know if it's possible.
As to your house, you could potentially lose it if you go bankrupt. The OR will keep an interest in it for two years and three months I believe before a decision is made and you may well have to make payments for three years depending on disposable income.
Is there a family member that could loan you this money to get things back on track?
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
even though a debt recovery agreement might have been in place at the time if this creditor was unsecured at the time of your IVA they are still bound by it.
You need to speak to your IP and try and resolve the issue of your difficulty in making your payments.
They might be able to use their discretion to reduce them, call a variaiton meeting to cancel or reduce them or give you some time to make up any arrears.
If you terminate the IVA and end of being Bankrupted your credit rating will be ruined for 6 more years, you may have to pay contributions for 3 years and your property may be at risk of being repossessed and sold, depending on what equitable interest you have, if any.