What happens if payback fails?

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ask231

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Post by ask231 » Mon Sep 30, 2019 9:17 pm
If any one got failed to payback then what will happened with the debt? Will it remain same as per the decided rate or the interest amount will go higher?
And how much extra time is given to payback the money? Is it applicable?

Marty171

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Post by Marty171 » Mon Sep 30, 2019 10:19 pm
if you mean if your IVA fails, then yes the full amount of the debt would be due + interest and charges
IVA Started 07/07/2017
F & F Accepted 06/09/2019

Foggy

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Post by Foggy » Tue Oct 01, 2019 6:55 am
Can you say what you mean by payback ? If you mean, as Marty said, the IVA fails ( you stop payments) then, yes the debt will have lost interest added back on.

If you mean the amount paid in doesn't pay all the debt, but you make all the agreed IVA payments, any debt left will be written off --- thrown away and you will owe no more.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Tue Oct 01, 2019 8:34 am
Are you in an IVA or just looking into doing one as per your other post.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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