hi all , the wife and i are in a iva

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raymond.w3
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by raymond.w3 » Sun Jan 17, 2010 5:46 pm
hi all , the wife and i are in a iva and she keeps on asking me what would happen if we do have a failed iva ,
i dont no the answer becourse weve only had it 6 months and never been in debt before our son came along and the wife couldnt go back to work ,

 

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GettingHelp
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by GettingHelp » Sun Jan 17, 2010 5:54 pm
Hello There, Im sure that someone will be along soon to answer your questions, I just wanted to say hello, welcome to the forum you will find lots of help on here

 

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kallis3
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by kallis3 » Sun Jan 17, 2010 5:55 pm
Hi Raymond and welcome to the forum.

Are you having problems with your IVA payments? If so, you need to speak to your IP.

Otherwise, your IVA will fail if you miss three payments without speaking to your IP and getting permission for a payment break.

If it does fail, you will be back to square one with your creditors and will probably have to do a debt management plan or go bankrupt.

 

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MelanieGiles
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by MelanieGiles » Sun Jan 17, 2010 7:12 pm
If the IVA fails, then you could end up being made bankrupt but more likely you would simply go back to the position you were in before the IVA was accepted. Thus leaving you with the opportunity to present your own bankruptcy petition, or enter into a separate payment arrangement with creditors perhaps as a DMP.

Let's hope it doesn't come to this - but do use your own IP for support if you do begin to struggle. They will also not want your wife's IVA to fail either.
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