If we default on our iva

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s-mp

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Post by s-mp » Fri Feb 22, 2008 11:54 pm
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Hi,we have just completed our first year of our iva,after still struggling to cope we contacted debt free direct again to see if our payments could be reduced,apparently they can't.If we default on our iva who would petition our bankruptcy,would it be DFD or our creditors and would we have to pay any costs.We understand the implications of bankruptcy,but are unsure of the route we need to take,because we cant afford to pay the costs of going bankcrupt.
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MelanieGiles

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Post by MelanieGiles » Sat Feb 23, 2008 12:25 am
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Why does your IP firm say the payments cannot be reduced? There are several routes to becoming bankrupt = you can petition for your own bankruptcies at a cost of £485 each, or some IVAs provide for the supervisor to do this in the event that the arrangement fails.

What is causing you to struggle with the payments? Were they set too high from the outset?
Regards, Melanie Giles, Insolvency Practitioner
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Reviva UK

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Post by Reviva UK » Sat Feb 23, 2008 1:01 am
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Hi
welcome to the forum

would be helpful to get some background info so we can give you appropriate advice. So we need income / expenditure / iva payments / total debts plus do you own a house and what sort of jobs you do.
That will be a great start

look forward to the info so we can help
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists
www.revivauk.com
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