IVA failure

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jab63uk

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Post by jab63uk » Wed Sep 08, 2010 7:19 pm
Can any one tell me what would happen if our IVA failed.
Can you tell me in detail please ???
 
 

kallis3

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Post by kallis3 » Wed Sep 08, 2010 7:20 pm
Hi,

If your IVA fails then you can either revert to a debt management plan, negotiate with your creditors yourself or go bankrupt.
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
 
 

Shining

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Post by Shining » Wed Sep 08, 2010 7:21 pm
Hi, if your IVA were to fail, your creditors would start to contact you again and you could enter into a DMP or declare Bankruptcy, or just continue to pay your creditors again if you found you could?

Is your IVA at risk of failing? Talk to your IP as there is almost always a solution. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Adam Davies

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Post by Adam Davies » Wed Sep 08, 2010 9:55 pm
Hi
You are basically back to square one if your IVA fails
Regards
Andam Davies
 
 

komakino

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Post by komakino » Thu Sep 16, 2010 1:58 pm
I've often wondered about this myself. If you were half way through an IVA wouldn't you only be left with half the debt? (maybe some charges on top)
 
 

kallis3

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Post by kallis3 » Thu Sep 16, 2010 2:05 pm
Unfortunately not.

You may have paid some towards your debt, but it won't be a lot. As soon as it fails you will be back to square one with charges and interest being added on.

You will always owe the total amount of your debt until the IVA is completed.
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
 
 

liamjames

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Post by liamjames » Thu Sep 16, 2010 2:08 pm
komakino wrote:

I've often wondered about this myself. If you were half way through an IVA wouldn't you only be left with half the debt? (maybe some charges on top)
Unfortunately the fees of an IVA are usually quite high halfway through, as the IP pays the Nominee's fee first. He will usually pay some kind of dividend to your creditors, but they will also calculate interest and charges from the start of the IVA and you may well be in a similar or worse position than when you started.
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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