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Posted: Sun Jul 13, 2008 7:55 am
by david.g
I was made redundant some months ago and although I am working on a temporary contract I have not been able to make any payments to the IVA due to a build up of other arrears- mortgage coincil tax utilities etc
What will hpeen as the practitioner is proposing to fail the IVA?
Have i got any options?
Posted: Sun Jul 13, 2008 8:03 am
by luluj
Unless you can quickly start to service your IVA with regular payments and gain an agreement with your IP to extend your term of IVA to incorporate the lost payments, your IP is in the position where failing it may be the only option -if this does occurr then DMP or Bankruptcy maybe your only option
Posted: Sun Jul 13, 2008 2:59 pm
by Adam Davies
Hi
Speak with your IP.
Under the circumstances your creditors may allow a payment break to allow you to find a permanent job.In this time you could clear your other arrears and then restart your IVA once you are in secure employment.
You always have the option of bankruptcy at a cost of £495
Regards