Does the situation get reviewed

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tammi5

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Post by tammi5 » Mon Oct 01, 2007 12:18 pm
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If an IVA is approved for say a payment of 200 per month for a period of five years, and then two years into the agreement I had to stop working due to ill health, how would I pay the IVA amount?? Does the situation get reviewed or would I still be legally bound to pay the full amount??
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mish1953

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Post by mish1953 » Mon Oct 01, 2007 12:22 pm
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Hi Tammi - if you stopped work and had no money other than benefits then your IVA would fail .. no money to pay it.
I guess at that point you would go BR .

Mish
Early Discharge is not an illness !
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Oliver

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Post by Oliver » Mon Oct 01, 2007 2:44 pm
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Your creditors may give you some time to get back on your feet but ultimately if you can not meet your monthly commitment your IVA may fail.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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Adam Davies

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Post by Adam Davies » Mon Oct 01, 2007 8:59 pm
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Hi
You can stop paying into your IVA at anytime.The results of this may be that the IVA will fail.Your creditors could then petition for your bankruptcy,although this seems to be unusual if there is no property.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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