does anyone know if it would be possible to fail an iva and have anothe provider propose a new one to include further credit accrued during iva.
My IP seems to think that the supervisor has the power to push for bankruptcy?
The IP can look at bankruptcy if your IVA fails, if they do not pusue this route then you can propose a new IVA, it will require your creditors approval once again
Are you able to liaise with your IP to see why credit was necessary to be taken? was your income and expenditure not realistic or maybe you had an emergency breakdown or similar. To propose another is possible but creditors may require an explanation as to the failure of the first. Have a chat with your IP initially see if this one can be salvaged. How long have you been in your current IVA?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I Have been in it for 2 years .
Bankruptcy is my main concern I can't lose my home .
Two kids , on my own. One child disabled.
It was just one thing after a run of bad luck mainly mainly car and washing machine etc . I am very foolish
we all make mistakes and we're not here to judge so never think that. Have you tried to communicate with your current IP? I know it's hard sometimes but being two years in what I'm guessing is a five year IVA would be a shame for it to fail and have to start all over again.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Lesley is absolutely right. Get in touch with your IP again and try to work this through with them. That is the only possible way forward. Otherwise the situation will drift and you will have no control over it / input into how it now develops. You just have to keep hammering away at it to see if you can get things back on track. There's no other way.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
I wondered how likely it was that they would pursue this route ? The shared ownership house I am in has about 28K equity. ? obviously the fees would have to come out of that etc m I just need to know bankruptcy isn't an option option before I speak to IP. So stressed and worried
Your IP is the supervisor so they make the decisions themselves. It is possible you have not been speaking directly to the IP as is your right because you need their advice.
This will probably need another meeting of creditors but it is unlikely they will push for bankruptcy and the IVA can still be saved. You can do another if necessary but try and save the existing one first.
I Have been in it for 2 years .
Bankruptcy is my main concern I can't lose my home .
Two kids , on my own. One child disabled.
It was just one thing after a run of bad luck mainly mainly car and washing machine etc . I am very foolish
