What happens if all the debt is not repaid

[Liz.t]

My son is considering an iva.What happens after the 5 years if all the debt is not repaid.Would they have to sell their goods to make up the total. They live in a council house and really have nothing much of value.

[Andrew Graveson]

Hi Liz,

After the agreed period of the IVA had succesfully come to an end any remaining debts would be written off and there would be no more liability.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[MelanieGiles]

Hi Liz and welcome to the forum

No - the debts are written off at that point if they have paid over all of their contributions.
I am assuming that they do not own their house?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Oliver]

In an IVA your Son would pay back his creditors to the best of his ability for a period of 5 years (60 months) at this point all remaining debt would be written off.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp