www.iva.co.uk

Hi ,

Can you please help??

What happens if one defaults in an IVA?

Thank you.

If you fail to keep to the arrangement, your supervisor in the IVA has the right to file for your bankruptcy.

Small, short-term defaults will usually be met with just a warning.

Where the default appears to be beyond the control of the applicant, most IVA’s will allow the Supervisor to apply to the creditors for an extension of time or a variation in terms. The most common causes are where a self-employed person suffers a dip in income over a short period, or there is some delay in achieving the sale of an asset.

Kind regards,

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