garfield021 wrote:Can You please tell what happen normally when I fail my IVA because of taking payday loans and have a bit bigger income? What they can do?
Basically I would like to know what I can expect.
No-one can tell you -- if the IVA fails the creditors will decide what they want to do about it. They could make you bankrupt, they could send bailiffs, ask you to make an arrangement to pay, or they could even ignore it for a while.
garfield021 wrote:But You know I have milions things in head what gonna happen with my debts ... with my house ... thats why Im asking many questions
I appreciate that your head is swimming with questions, but the only people who know the answers are your IP --- will he fail the IVA or allow it to be saved ? And the creditors --- if the IVA is failed, how will they want to get their money back? If you have a lot of equity in your house they might consider bankruptcy, or anything else I have already mentioned.
Which firm are you with ?
As you are unable to remedy this breach it is now my intention to proceed with the termination of your arrangement. To clarify, termination of your arrangement will mean you are again responsible for repayment of your debts, you will not be afforded protection from your creditors taking legal action and you will be liable for all interest and charges accrued from the date of approval of your arrangement.
So thats mean its fail straight away? What I can do now? Can You help me?
You might be able to get the creditors to agree to a debt management plan, where you agree to make regular, agreed payments, each month until the debt it paid. They often freeze interest in these agreements. I would get in touch with Payplan or Stepchange, as they work closely with the banks and do not charge fees for a DMP.
Because of the reasons for the IVA failing, some creditors might not be very helpful, but you can, at least, try.
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