www.iva.co.uk

what usually happens if you have an iva and your circumstances change and you are unable to pay and become issued with a certificate of non compliance?

HI THERE VICTORIA WHAT YOU NEED TO DO IS GET IN CONTACT WITH YOUR IP AND TALK ABOUT OPIONS IF YOU HAD A LUMP OF MONEY LEFT YOU IN A WILL THAT WOULD BE CLASSED AS A WINDFALL SAY IF IT WAS £15.000 YOU WILL NEED TO CALL YOUR IP AND TO SEE IF THEY WOULD OFFER THAT MONEY TO THE CREDITORS AS FULL AND FINAL PAYMENT THEN IF THEY VOTE YES YOU WILL GET YOUR CERTIFICATE TO SAY YOU ARE NOW DISCHARGED FROM THE IVA THEN CONTACT EXPERIAN AND UPDATE YOUR CREDIT FILE THEY WILL WANT A COPY OF THAT CERTIFICATE TO UPDATE THERE FILES REGARDING THE OTHER MATTERS DID YOU TAKE OUT PAYMENT PROTECTION PPI WHEN YOU DID YOUR IVA JUST IN CASE YOU CANT MAKE ANYPAYMENTS FOR 1 OR 2 MONTHS BUT THE BEST THING TO DO IS TO CALL YOUR IP ON A IVA YOU HAVE 3 BREACHS IF YOU USE ALL OF YOUR 3 BREACHS THEY WILL MAKE YOU BANKRUPT
I HOPE THIS HELPS

JOHN

On issue of the certificate of non compliance the IVA is removed from the insolvency register and creditors are free to commence action/debt collection procedures for the balance that remains owing.