www.iva.co.uk

i have been in an iva for a couple of years - and I have had some payment hicupps in the past - because of this I feel that my IP is sure to enforce BR on me -and I want to avoid this at all costs ! - my IP hasnt been very sympathetic in the past and with the current climate with jobs - I feel sure they will enforce BR and I could lose everything -is this realistic ?

Hi,

I don't think they would enforce BR to be honest as it would cost them. It would be likely if you missed 3 payments or more that the IP would fail the IVA and you would be back to square one again with your Creditors.

Have you actually spoke to your IP directly or just the Office Staff?
You can get there direct details from www.insolvency.gov.uk and search for your company

Please keep posting

I agree with Ray, unless there is specific provision in your proposal to put aside monies for BR, then it is unlikely your creditors will push for it.

You will just be back to the phone calls and letters.

Read what your proposal says about breaches and bankruptcy. Always have a frank chat with your IP and discuss problems and find a way to sort the problem out. I am sure the IP won't enforce BR on you without a proper reason which must be justified and in accordance with the terms of your IVA.

And creditors will not welcome a bankrupcy either. If the IVA eventually does fail, they would much rather you enter into a DMP so that they can continue to receive payments from you. Bankruptcy would serve little purpose for anyone, if you wish to avoid it.

Yes creditors at the end of the day given a truthful assessment do not want bankruptcy - they are only after money and all being equal are prepared to accept the affordability factor. So don't worry, check things out and have a chat with your IP.