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Posted: Wed Jul 16, 2008 12:58 pm
by david.r
What happens if i miss payments ( ihave missed 3 ) or i can not make payments any more. I live in rented property and have no assetts as such other than a car. Would creditors take me to court can i agree reduced figures direct with creditors. Any assistance greatly appreciated.
Posted: Wed Jul 16, 2008 1:05 pm
by size5
Hello david.r and welcome.
Are you currently in an IVA or are you just looking for some general pointers at this stage?
Regards.
Posted: Wed Jul 16, 2008 4:47 pm
by MelanieGiles
If you have missed payments into an IVA, it is usual for that arrangement to fall into default when three or more are missed. If you are not in an IVA, but are failing to make payments to your creditors on time, this is an indication of personal insolvency, which you may wish to discuss with an insolvency practitioner to see what your options are.