IVA may fail soon

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sick of it all

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Post by sick of it all » Wed Aug 11, 2010 5:46 pm
Can someone tell me what happens if your IVA fails? Can you go bacwards and go back onto a debt management plan with the same company or another company, or is the next step the dreaded bankruptcy??????? xx
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kallis3

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Post by kallis3 » Wed Aug 11, 2010 5:50 pm
Hi,

Yes you can revert back to a DMP with whatever company you choose.

You could also consider bankruptcy if you have no assets to protect.
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.
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MelanieGiles

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Post by MelanieGiles » Thu Aug 12, 2010 1:54 am
It really does depend upon the terms of your specific proposal - your IP may have no choice but to make you bankrupt if your IVA is an older or non-protocol version.
Regards, Melanie Giles, Insolvency Practitioner
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