There is nothing to stop you proposing another IVA to your creditors, but you may need to have to explain why you have found yourself in this situation again.
I agree with Mel that creditors and IP will want to see an explanation....in reality "after ten years" may only be four or five from completion date
I appreciate we all have very different standards of living, but being in an iva should help you to lern how to manage your finances and to start again with no debts....
.I understand circumstances beyond our control sometimes causes debt ...but would hope I personally never have to return to those dark days of continual worry over how to pay this and that each month.
Last edited by luluj on Mon Jul 23, 2012 5:53 am, edited 1 time in total.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
My IVA journey has taught me that if I can't afford to give away money, never to lend it; never ever take out a loan for someone else or give them use of my credit card - even my closest nearest and dearest. I had to enter into my IVA after doing this for someone who was paying them off no problem until he died suddenly/unexpectedly at 42, with no insurance or assets. Had no way of finding £400pm extra on top of my own obligations to cover those debts. I entered my IVA having never defaulted on any credit in my life. Entered in traumatised, grieving, and ill from having could having could have lost my home. I will never do it again no matter who it is. Hard lesson. X
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
gill, wow, high price to pay....mine was greed nothing else, thinking I could pay it all back, how stupid I was, well the iva really taught me a lesson
time is always the answer, stay focus and you will reach the end all in good time
That's great Tonyranks. We all have our own 'back-stories', but the positives can be how much we've learned and grown through the process. All the best with completing yours. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
Hi AdH51 welcome to the forum. As long as your current circumstances make an IVA viable then proposing another one is no problem however in order to get it accepted, creditors will want to be happy with what your'e proposing and that may include confidence in your commitment to this in the future, hence the need for the background statement. With a good IP on your case you will be fine.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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I would definately want to know the reasons for the second set of debts - entering second insolvencies is actually quite rare, as most people are put off debt for a lifetime, but as an IP in practice I like to know the full historical background of my clients so I can represent them to their creditors in the best possible light.
