Stopping IVA

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carole344
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by carole344 » Wed May 31, 2017 4:33 pm
What happens if you decide to stop your I.V.A.? Thanks.
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luluj
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by luluj » Wed May 31, 2017 6:02 pm
Once stopped paying for three consecutive months your iva will fail and you become liable for the full original debts plus interest.

Why are you considering failure ? Have you spoken to your IP and asked for a full review if payments are tight ?
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Lisa Thomas
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by Lisa Thomas » Thu Jun 01, 2017 10:10 am
if you fail your IVA it will be terminated. You will be back to square one and your creditors can then take recovery action against you - bailiffs, Bankruptcy etc.
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Foggy
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by Foggy » Sat Jun 03, 2017 4:36 pm
Might I ask why you are considering stopping ? As mentioned above, you will then be open to recovery proceedings, should any creditors so wish, Also the debt will increase to recoup lost interest and possible late payment charges.
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Lisa Thomas
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by Lisa Thomas » Mon Jun 05, 2017 10:17 am
..and assets at risk as a result i.e potential to lose home through bankruptcy.
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