Can probable IVA failure be extended to pay back money over earned?

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terry564
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by terry564 » Tue Oct 10, 2017 4:30 am
Hi, My IVA is coming to an end but I have been told it will fail as I did not disclose all earnings.They want missing P60 within 7 days. My question is, as it will fail can the IVA be extended to pay back the monies over earned or will I be made Bankrupt?.
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Foggy
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by Foggy » Tue Oct 10, 2017 6:50 am
If you make an agreeable arrangement to pay in the arrears the IVA need not fail. This is often done by extending the term. It will fail if you don't co-operate by providing the missing documents and agreeing to extend. Talk to the IP and come to an agreement to save the day.

If the IVA is failed you will be back to square one with your creditors. They can add back lost interest and will be free to take whatever collection actions they deem appropriate. Insome cases the IP has the discretion or responsibility to bring bankruptcy proceedings --- it depends upon how your own terms have been drafted and agreed.
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