When our IVA offically fails, will the add up all the coppers in the pot and distribute it to the relevant creditors and then they can start chasing us again for the new amount??
And also, what happens to the 2 creditors that never turned up to the initial meeting and havent put any claim in for any money??
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
Hi, I would imagine that is what happens. I also think it may depend on how long the IVA has run as I think the fees in the first year may outweigh some payments.
Once the IVA is failed, interest and charges will be payable again to your creditors and they will chase you for payment. The two creditors that did not vote, I'm sure will come out of the woodwork when they know you're not in an IVA.
I am only guessing this is what happens hang in for another poster/expert to comment.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Your IP will distrubute the monies they are holding and cease to act. You will then be left in the same position as you were before you entered into the IVA - with debts and creditors who will then want to deal with you directly having probably added back all of the interest and charges which have accrued whilst the IVA has been in place.
We just cant afford to pay it Melanie. When they first did it alot of our expenses were massively wrong and it was just impossible to find the extra £213 a month to pay into the IVA.
We are just going to go for bankruptcy when the issues with the house are settled (either it sells or is repossessed) either way, we will owe money on that too so need to wait so it can all go in bankruptcy.
I wish we had gone bankrupt in the first place. It would all be over now.
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
Bless you what a nightmare, why didn't your iva company sort out your I&E appropriately from the start? There is no point in having an unaffordable budget as its just doomed to fail, where are they asking for another £213 a month from?
