www.iva.co.uk

i have an iva but not paid into it for a year, have had no contact from payplan and was wondering what would happen if I just dont pay, i have pain into my iva for 3 years in total.

Good evening Stuart,

If you find you cannot maintain your payments, your IP can ask creditors to agree to a reduced payment or a payment holiday.

Your IVA proposals will be drafted to include the power to put revised proposals to creditors.


But it sounds like you have not contacted your IP to let him/her know that you are having difficulty, is that right?

If you decide not to pay your IVA payments, they would most probably fail your IVA.


I suggest you contact your IP as soon as you can.

Regards,



Julia Simavi

Shortlisted for Best UK Debt consultant by Credit Show 2007

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Hi Stuart

It is very odd that your IP has not contacted you about this. Most IVA's will fail if there are more than 3 payments outstanding, and the IP may be duty bound to make you bankrupt.

I suggest that you speak to your IP about this as a matter of urgency. Is there any reason why you stopped paying your contributions?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk