Hi,
i have a variaiton meeting on 12th feb due to a breach. I have taken out some additional credit which I know was very stupid of me. Basically i am asking for a 3 month payment break so that i can clear the additional debt and then resume paying the IVA. I have currently made 28 payments so i am about half way through. the proposal is also to extend the IVA, so my creditors will end up with the same amount that we originally agreed on. I am obviously worried that they will not accept the proposal although I think it should make sense for them to do this? The only other real option would be bankruptcy and am I right in saying my creditors would not recieve anywhere near as much back if they went for that option over me continuing to pay the IVA? The proposed break is Jan - March however since the meeting isnt until 12th of Feb I am unsure what to do about this months payment which I cant really afford to make? If I did pay this month then surely the proposal would need to be changed if that makes sense? thanks for any advice
Given that you are only asking for a three month break, it would seem sensible for your creditors to go along with this - but do make sure that this does not happen again as you are unlikely to get a third chance.
hi,
thanks for the replies, this will definately never happen again i just want to get everything back on track. Am i right in saying my creditors will get more back if i continue the IVA instead of bankruptcy?
thanks
dan
Most likely - but really dependent upon your own set of circumstances and asset position. Your IP should be able to clarify that point for you directly.
