What are the consequences of not paying

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maverick 2479

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Post by maverick 2479 » Thu Oct 07, 2010 8:09 am
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Hi Everyone.Could someone please tell me, if you have not kept up the payments in an I.V.A. What the consequences will be?
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rayb

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Post by rayb » Thu Oct 07, 2010 8:24 am
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Hi,

Your IVA will fail and your creditors will start to chase you again.

Are you having problems with your payments at the moment?
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Michael Peoples

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Post by Michael Peoples » Thu Oct 07, 2010 10:10 am
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You could be made bankrupt or possibly worse the IVA would be failed. This puts you back to square one and any money paid into the IVA would be lost. If however, the missed payments were sanctioned by your IP due to sickness etc the IVA may be extended to achieve the original dividend.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Broke of London

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Post by Broke of London » Thu Oct 07, 2010 2:24 pm
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You need to speak to your IP as soon as possible if you anticipate any problems. They will do all they can to accommodate you. Good luck x
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liamjames

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Post by liamjames » Thu Oct 07, 2010 3:05 pm
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You should also carefully read the clauses in your proposal and any modifications, as your creditors could have a restriction on your property.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
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kallis3

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Post by kallis3 » Thu Oct 07, 2010 8:18 pm
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If you own your own property then the creditors WILL have a restriction on the property.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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