Fail??

[Jeano99]

Just a quick query
If an iva fails is it possible to start a new one ?
After reading some posts I'm confused as to how this can be done.
Thanx

[sjbyron]

Hi
it is possible but you have to allow the other IVA to fail and allow time for the creditors to be informed think this is a month or two.
Once you go for a second IVA you need to have good justification of why it failed and how you are able to plan and forsee that it wont fail this time.
If you are considering a second IVA can you not rectify the issues with your current IVA to stop it from failing

Best of luck

[Jeano99]

Thankyou. I hope my iva goes smoothly. But I thought if u failed it was an automatic BR. I intend to do all I need to complete mine. Thanks

[Niobe]

It's not automatic BR unless any of the creditors wish it and they never do as it costs too much for them.

You can do another IVA or a DMP. Obviously which one would depend on the reasons for the original one failing.

I'm sure you will be fine Jeano.

[Jeano99]

Thankyou. I love this forum. I'm amazed at what you learn from it & how many people take time out to help others.
Thanx Niobe. I really do hope I'm fine. Sometimes I feel my stress levels will go through the roof.
But I'm still in the early stages. Only 9 months in.

[Niobe]

Hang in there - we're here for you!!

[Jeano99]

Thankyou Niobe. No one knows about our iva except our children. So it's great to be able to get advice from all who post on here.

[Niobe]

I could never tell my parents - my daughter knows. My stepkids know as well as they are also suffering money wise. One is in an IVA with Mel.

Some of us are friends on Facebook (debt is never mentioned on there!) so if you are on there then let me know and we can sort out contact details.

[Shining]

I agree the forum is a godsend to so many, do keep using the forum for support as required and I hope that things run smoothly for you. Life in an IVA is tough I do agree and stress levels can raise but we've all experienced it at some time so can empathise with you

[Jeano99]

[:)] [:)]. Thankyou

[luluj]

Having a good income and expenditure set by your IP from the outset should go some way to giving you a stable basis for your IVA. Annual reviews are vital and you need to ensure the the budget is reviewed and reflects your true costs. If this is done correctly then there should be not reason for the IVA to fail.
Everyone experiences emergencies during their IVA and working closely with your IP will enable a successful completion.

Good luck and come back to the forum whenever you need support, guidance or just a chat.....we are all experienced in debt on one way or another and can learn from each other.

[Jeano99]

Thankyou luluj. Think I'm just looking on the down side of everything as still in very early stages. Finding it difficult already. Don't want to fail at all but 5 or 6 years is a long way to go. Already our income has dropped. Just plodding on.