what would happen if i take 6 mounths holiday break ....then fail 2 mounth payments , already one mounth behind ....
i,d be 3,600 pounds better off , then write to my creditor and try to renegociate on what i owe more affordable for me and more money back to them in stead of ip....is this possible ?
If your IVA fails Vincent then there is nothing to stop you trying to come to a deal with creditors directly. If this is your intention, don't bother with asking for a six month break, as this serves no purpose.
In all honesty it is not likely that your IP would make you Bankrupt unless the IVA had a clause in it which does not happen often and the Creditors would not as there is a cost to them.
I would contact your IP and take it from there especially if you are struggling with the payments. Maybe your Income and Expenditure needs to be reviewed.
I agree with Ray - unless your proposal and/or chairmans report states that they will keep money aside, it is unlikely that you will be made bankrupt as it costs the creditors a lot more than it does you.
If you have problems, your IP should be your first port of call.
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
