I am coming to the end of my IVA. Can I start another one ?

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Brad.93
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by Brad.93 » Wed Nov 22, 2017 12:52 pm
Hi
I have been in an iva since December 2012 so I am coming to the end of my 5 year term. I need to know will it be possible to start another iva ? as a debt was not included in my original agreement and could not be added after it was set up. I have had the usual debt collection calls and letters also.
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Foggy
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by Foggy » Wed Nov 22, 2017 1:01 pm
Once this one is complete it is a possibility -- But might not be the best way to deal with the debt. For one, a single creditor could simply refuse as they would hold all the cards. The amount of the debt might not justify an IVA. Your payments would be calculated much as they are now and a DMP might be a better way forward. A lot will depend on the maths and the viability of a single creditor IVA --- these used to be not allowed, but things change and they might be now.
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kallis3
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by kallis3 » Wed Nov 22, 2017 1:20 pm
Once your IVA is complete, would you be able to pay your other creditor yourself? Why was this debt not included initially?
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luluj
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by luluj » Wed Nov 22, 2017 9:00 pm
Good to hear your original iva is reaching the end. There may be a better solution depending on the level of debt it relates to - expert advice is needed I think.
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