please tell me that how can come out from IVA?

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vinaya61

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Post by vinaya61 » Fri Apr 16, 2010 11:54 am
i am on iva and have been paying £365.00 monthly for last 8 months. I am now having difficulties to continue with this payment in my current circumstances. please tell me that how can come out from IVA?
 
 

Michael Peoples

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Post by Michael Peoples » Fri Apr 16, 2010 12:13 pm
If you are struggling you could possibly get the payments reduced by 15% without needing approval of creditors. If you cannot afford payments at all you could cease making any payments and the IVA would be terminated after about three months.

Speak to your IP as failing the IVA may be a bit drastic at this stage.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

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Post by kallis3 » Fri Apr 16, 2010 5:12 pm
Hi, and welcome to the forum.

I agree with Michael - you need to speak to your IP to see if your payments can be reduced.

What company are you with? Do you have any assets which would be at risk if you had to declare bankruptcy?
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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Julie

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Post by Julie » Fri Apr 16, 2010 9:07 pm
Hi -has anything changed to cause the difficulty in meeting payments?
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