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Posted: Wed Sep 19, 2007 11:49 pm
by e.h
Hi Experts
If our IVA should fail for any reason (we are coming up for our annual review, and you never know!), would we be given the option of DMP rather than Bankruptcy?
Posted: Thu Sep 20, 2007 10:15 am
by Chris.z
Hi , I am in a similar situation and yes I think a DMP is viable as it is unlikely that a creditor will make you bankrupt as they recieve very little return in Bankruptcy.
I am sure an expert will answer shortly though with more details.
Chris
Posted: Thu Sep 20, 2007 10:18 am
by Sadsack
Hi e.h
Why do you think your IVA is going to fail? If you think it is going to, there is no reason why you should not be able to petition for your own bankruptcy.
Sue
Ho Hum! Think I'll bang my drum!
Read My Blog
http://sadsack.blogs.iva.co.uk/
Posted: Thu Sep 20, 2007 10:42 am
by iva experts
Hi e.h,
Usually the main reason for IVA's failing is that you have missed more than 3 monthly payments without telling your I.P etc. Is there any specific reason why your IVA would fail?
However if your IVA does fail, you would in a sense be back to square one so you could either decide to go into a DMP or go bankrupt.
Best Regards,
IVA Experts
http://www.iva-experts.co.uk/