what options are there if yr iva fails

[bad_manners]

what happens or what options are there if yr iva fails... due to the payments being set too high, due to the paperwork being rushed, and amendments to the soa not being done

[BECKY]

I think it is possible for you to go back on a dmp or to petition for bankruptcy. Im in the position where my payments are to high and ive requested a new income & expendiutre form from my ip and am lookin to extend my iva to 6 years to make the payments more manageable

[MelanieGiles]

Hi bad manners and welcome to the forum

I hope that this has not actually happened to you, but if so talk to your IP as soon as possible to alert them to the problems you are experiencing.

When you say the payments were set too high - was this based upon information you provided to the IP, or was the IP telling you what you could and could not spend? And are you saying that you made amendments to your IVA proposal which were not considered by the IP?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Good evening bad manners and welcome to the forum,

If you find you cannot maintain your payments, your IP can ask creditors to agree to a reduced payment or a payment holiday. Your IVA proposals will be drafted to include the power to put revised proposals to creditors.

It’s important that this doesn’t happen too quickly after the start of your IVA because you won’t have had the chance to demonstrate your commitment to the process and the creditors may question your judgment at the start of the IVA.

If they do, then it is possible that they may reject a variation and the IVA will fail.

Kind regards,


Julia Simavi

Shortlisted for Best UK Debt consultant by Credit Show 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

[Adam Davies]

Hi Julia
Congratulations on your shortlisting and keep up your excellent work.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp