could I be made bankrupt or lose my home ?

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andrew.sn

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Post by andrew.sn » Wed Sep 15, 2010 8:23 am
under what circumstances is it possible that i would be made bankrupt or loose my home whilst in an i v a
 
 

MelanieGiles

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Post by MelanieGiles » Wed Sep 15, 2010 10:09 am
Hi Andrew and welcome to the forum

You could be made bankrupt in an IVA - thereby putting your home at risk - if you run up post-IVA debts or default in any other way under the terms of the arrangement.

The eventual outcome of such incidents will be governed by the terms of your own IVA proposal, so if you are worried in any way I would have a chat with your IP directly.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Broke of London

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Post by Broke of London » Wed Sep 15, 2010 1:18 pm
Hi, if you are struggling to make your monthly payment or your circumstances have changed your ip will most likely be sympathetic and work with you to achieve the best outcome for your creditors...bankruptcy is rarely the best outcome for them so they should be supportive. Your proposal should outline what constitutes a breach so have a read of that. Mine says that they can allow for changes in the monthly payment and any missed payments can be made up - either out of extra income or at the end of the term. If you foresee trouble ahead such as a redundancy or car blowing up the ip can agree a payment break for you. Hope all gets sorted soon.
 
 

kallis3

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Post by kallis3 » Wed Sep 15, 2010 1:23 pm
Hi Andrew,

Are you having problems? If so, please speak to your IP in the first instance.
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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