www.iva.co.uk

Hi everyone, we stopped paying into our IVA so that we could save enough money to pay for Bankruptcy fees, we now have this money and just waiting for the failure noticed to be issued.

The thing that is causing me sleepless nights and playing on my mind is that I still owe my Father a considerable amount and who lives in Australia, he is retired and so only has his retiremet income and could not have this money repaid.

As I understand from the BR website, the money I owe to my Father would also have to be included in the BR as it is a debt and I cannot favour one above the others.

Now my question is, like I stated earlier, I am just waiting for the failure notice, is it too late to revised the IVA?

I am going to email the IVA company tomorrow but I also wanted to through this open on here.

Thanks

Mike

Hi Mike,

I can't help you with this I'm afraid. You do need to speak to your IP company to see if you can do anything.

Hi Mike. How many month payments have you missed ? After three the IVA fails automatically. If this has happened it might be too late to salvage, but, as Jan said, it's best to speak to your IP as soon as possible.

Hi...the BR doesn't prevent you from repaying your father the balance once you have finished the IPO. Once you have concluded the BR, your money is yours to spend as you choose. Hope this helps a bit xx

I think the problem maybe that he wants to pay his father back now. I don't know if the father is aware of his problems or not.

He would have to be included in bankruptcy - don't know whether or not he can hang on for the repayment.

My Father does not know my current plight. To be honest I can't delay payment to my dad, as it is I am trying to pay him back monthly and have not always been able to make this payment.... so really can't delay it further especially not for three years.

Oops...my bad! I had thought he was receiving a dividend from the iva. Didn't realise you were making payments outside the arrangement. I don't know at what point an iva is officially failed. Defo worth a call tomorrow to try and revise it. Alternatively, you could try a dmp while you repay your father and then go br. There will be a solution to help you xx

That's a good idea BOL - it would at least mean that you could pay your dad back. Can I be nosy and ask how much you owe him?

This is an interesting alternative plan, I owe my Father about £5,500.

Mikey

It is definitely something to think about.

Is paying your dad back from allowance savings the reason you are struggling in the IVA?

He's getting in touch with his IP BOL - hopefully something can be sorted out, I've suggested on the sister forum that he could do a DMP until his father was paid back.

I hope they can do something to help him.

Hi guys, well heard back from Blair, the IVA will fail as it is too late to revert it and to be honest I half heartedly thought this would be the case. They suggested I contact the CAB who would put me in touch with a company who could a DMP.

But I am feeling would doing the DMP just delay the inevitable of the BR? So I am thinking to do the BR and sort out my Dad another way. I cannot at any cost include my Dad in the BR.

Hi Mikey,

I don't think you will be able to keep your dad out of bankruptcy - he is a creditor and will have to be included as such.

Could you possibly come clean with him? Otherwise a DMP might be an idea whilst you pay him back.

Have a word with CAB or any company who post on here and take some further advice.

Hi Mikey,

I don't think you will be able to keep your dad out of bankruptcy - he is a creditor and will have to be included as such.

Could you possibly come clean with him? Otherwise a DMP might be an idea whilst you pay him back.

Have a word with CAB or any company who post on here and take some further advice.