www.iva.co.uk

Ok, so I suppose most people know our situation by now. We need a bigger house so we are moving out, will no longer be able to afford the mortgage so will probably lose the house. The IVA will fail as we have no spare money to pay the £213 payments. We have been in the IVA for 16 months. The original debt was for 34k. All the creditors (barrin 2 no shows) agreed to the IVA and after the five years we would pay a total of something around £12,800 back.
So my question is.....if the creditors have already accepted this sum as their return, rather than going bankrupt could we apply for a debt relief order instead as it is less than £15,000??

This is just wishful thinking isn't it??!!! lol

It's a nice idea but unfortunately your debts in total are what are taken into account for a DRO and must be below £15k for one.

I personally am not aware of your circumstances though, is there anything we can help with?

Nice thought but the answer is no. Your debts are still over 15k, you are involved already in a different form of insolvency and even if your debts individually were less than £15k the shortfall from the property will push you over the figure.