hi, i am 3 and half years in to my iva last march when i was made reduntant i made 3 payments out of my package then was givena 6 month payment break which is up this month my new job is alot less paid then my last job which leaves us with nothing left at the end of the month if they made me bankrupt over not being able to make payments now what happens to the 15thousand or so i have paid already im hoping they will end the agreement as a gesture of goodwill????????
Thanks any comments would be welcome
You really need to speak to your IP about this. It may be that your creditors will accept a lesser payment each month.
Unless it is written into your IVA, your IP company won't make you bankrupt, you would have to let your IVA fail and then fund it yourself.
The money you have already paid in will go towards IP fees and your creditors, but you would be back to square one if it failed.
How much did you owe in total?
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
I think you have every change of getting creditors to accept what they have received to date in full and final settlement, given your current circumstances and the fact that you can no longer afford further payments through no fault of your own.
Get your IP to give it a go - after all you have nothing to lose.
