www.iva.co.uk

I started an IVA in 2006 but this was terminated in January as I could not afford the repayments. I now have a more steady income so is starting a new IVA an option or should I lok into bankruptcy?

Hey nathan, welcome to the forum. I think your creditors will be more inclined to accept if they know you have stable income now, however you should post a few more details for the experts to help you. Has your IP tried to push for bankruptcy yet? Viki X

Hi Nathan and welcome to the forum.
There is no reason that yoiu cannot propose a second iva if you now have a stable income. The best thing to do is to get advice form an IP as to your best options. I would recommend Melanie or Ian from this site they will give good honest advice, you can get their details from the experts page or you can get reviews on iva.com.
All the best .

Ang

Hi Nathan,

If it was terminated in January of this year is there any way you could restart this IVA? Have you tried talking to your IP and explain your new steady income?

Hope it works out.

Kirsty

Once an IVA is terminated, it is terminated. As to whether the Supervisor should petition, for you bankruptcy, will be dictated by the terms of the arrangement (as modified).

I don't know if you have decided how you want to go about proposing an IVA. Would you use the same IP again or someone different?

There are some advantages to returning to the same IP as they are already familiar with your circumstances and you may not have to provide much more additional information other than up to date creditor figures ... since they would have started to add interest and late payment charges again.

Or you may feel that the IP you used was not necessarily meeting
your expectations in which case I would suggest you contact one or two others - a good place to gauge feedback can be found here

http://www.iva.com

You are going to have to state to your creditors why you believe the second IVA would work after your first one was terminated. If you are going to use a dufferent IP, you will have to tell them about the first IVA and the circumstances behind the termination.

Should the 1st IVA even have been started if your income was so unstable??

Good luck this time round.

A second IVA is certainly worth looking at although I would say here and now that there will need to be a plausible explanation as to how and why you think IVA 2 will succeed when IVA 1 was terminated.

Cybus is right (as usual!) - once a certificate of termination has been issued the IVA cannot be revived.Even if it could be (theoretically possible if the certificate has not been issued)it would require a variation probably requiring so much surgery as to constitute a new proposal anyway so better to start again in any event I think.

Ian