www.iva.co.uk

i have made the huge mistake of accruing additional credit while just two years into my iva. dont know what to do

You have to come clean, admit that you have made a mistake and see if there's a way forward with your IP. Otherwise when he / she finds out for themselves they will probably just fail it. I'm presuming it's more than £500?

Agree with brokebry advice - however if you can put a strong case across as to why you took the credit it may just help. Either way you will need to discuss with your IVA company

do you think if it fails they will automatically bankrupt me?

Depends on the circumstances I guess. You had better wait for one of the experts to come along with some informed advice, but you will probably have to say how much and what for so that they can have an informed opinion. It's never over till it's over, so hang in there!

Cant imagine they will automatically bankrupt you - unless this is a provision in your own IVA. best to speak to your company direct - only they can tell you the what will happen.

How much credit are we talking ... and have you repaid it ?

They will not bankrupt you -- but the creditors will start chasing if the IVA fails ( which it might not) .

we are talking £5000 . i dont need character assasinations of judgement nobody can make me feel any worse than i do. i have been on the brink of a breakdown for the last year with all the worry and its only now that i am starting to realise i need to sort this out.my main concern is that they file for bankruptcy and i lose my home - single mum with two kids

There's no judgments on here, we are all in or have been in the same boat. The only way forward is to discuss it with your IP. You are two years into the IVA so a lot of the ground has already been covered, and equally your IP has already invested a lot of time and work in your case. S/he may well be able to suggest a way forward to put your mind at rest, but you will have to be absolutely straight with him / her. You just have to pick up the phone at some point. You did it when you applied for the IVA; you can do it again now - just ask for help.

Martin - good luck with your IVA company - I am sure you will be able to sort something out

thanks so much for your help and understanding