Stopping IVA

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
User avatar
carole344
Posts: 2
by carole344 » Wed May 31, 2017 4:33 pm
What happens if you decide to stop your I.V.A.? Thanks.
User avatar
luluj
Forum Expert
Posts: 9844
Contact
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 ?
User avatar
Lisa Thomas
Industry Expert
Posts: 5996
Contact
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.
User avatar
Foggy
Forum Expert
Posts: 23922
Contact
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.
User avatar
Lisa Thomas
Industry Expert
Posts: 5996
Contact
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.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Google [Bot] and 24 guests