www.iva.co.uk

I have had some payment problems in the past on my IVA and have been paying extra to catch up for this years review -I lost my job in sept 2008 but have ben paying the IVA since then -but will struggle from now - I am worried because as I understand it -my IP can force bankruptcy on me -which is something i want to desperately avoid - my IP has been less then helpful in the past - is the most likley outcome forced BR - or could I negotiate with my creditors ?

Hi daveyjay.

Unless it specifically states in your proposal that you can be made bankrupt, I doubt it will be forced on you, as it will cost the creditors.

I think you need to contact your IP and inform them of the position you are in.

I think you will need to let your IVA fail before negotiating with your creditors. Usually missing three payments will cause it to fail.

Hi
If your IVA fails you will be back to square one unless your IP has been asked to keep funds to one side in order to bankrupt you.
How are you managing to pay with no job ?
Regards

Knowing how you are going to fund your IVA and catching up on missed payments when you are not in a job needs to be clarified. Then I think you need to have a full and frank discussion with your Supervisor (IP) to see what can be sorted.

Is there any chance of you finding further employment soon? If so, then you should be able to make some payments towards your IVA. If not, then you do need to speak to you IP as soon as possible.