My question is what position would a failed iva leave me in ?
would the 14,000 I have paid into it be counted with the creditors or would it go back to the original debt of 29,000?
what would bankruptcy mean for me?
It would not be advisable to fail the IVA as bankruptcy could mean the loss of your property and after all this time it does seem unfair. You should request a variation and make some form of offer to save the IVA and creditors are usually sympathetic. If you are selling this could form the basis of the offer although you could lose most of your equity should you do this [depending on the level of debt]. Otherwise you could try and raise a lump sum from family/friends or a secured loan which would satisfy creditors and you could then sell when the IVA was completed.
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