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Posted: Sat Jul 24, 2010 9:17 pm
by lizzielou
If my IVA fails will I be made bankrupt or would I be given to opportunity to enter a DMP? I think I have made a mistake entering in to an IVA and would like some advice please.
I have been in IVA for nearly 2 years. If it fails would all payments made so far be taken off the total amounts owed?
Posted: Sat Jul 24, 2010 9:24 pm
by kallis3
Welcome to the forum.
Why do you think you have made a mistake? Are you having problems?
Posted: Sat Jul 24, 2010 9:27 pm
by Shining
Hi and welcome to the forum from myself too. If you're two years in it would be a shame for your IVA to fail now.
Ask away here and we'll all try to help and we have professional posters who can give excellent advice. x
Posted: Sat Jul 24, 2010 10:42 pm
by MelanieGiles
I think it would be better for you to negotiate lower payments to your creditors than risk failing the IVA and then finding that a DMP does not provide you with the same level of protection.
As you are currently discussing your income and expenditure with your IP, has this been suggested at all?