Been in an joint iva with my wife since april 06,got made redundant in feb 09 and took a 6 month payment break,i have just started work again and today ive recieved a letter from payplan stating that our iva as failed and that they have informed the county court.
What do we do now!!!!
Help.......
Last edited by Tony.H on Wed Oct 21, 2009 6:16 pm, edited 1 time in total.
You do need to speak to Payplan about this. I'm sure that it is in no ones best interests for you to fail three years in.
Try speakin to your caseworker.
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
If the IVA has been failed then effectively you are back to square one. You should contact Payplan to clarify if the IVA has been terminated and if so you would need to seek further advice as to whether to do a new proposal,enter a DMP or go bankrupt.
Spoke to payplan and they say they have failed the iva becasue the payment break went beyond the six months agreed and at the time i wasn't in employment and they needed to make a decision as they couldn't add any more time onto the end of the iva to catch up with payments.
They say i can enter another iva or dmp or go bankrupt it is up to me,we dont have any assets at all so bankruptcy seems the best option but it was a joint iva so would we both have to go bankrupt?
ps,how do i change my forum name!!!
From admin.
We have sent an email to you re: change of name. [:)]
Hi Tony. You will need to look at each of you as individuals taking into account each level of debt and including joint debts in both calculations. If one or either of you can pay the contractual payments or the level of debt could be repaid in a relatively short period of time, it may not be necessary to go bankrupt.
If for example you are now earning a lot more than your wife but she has more debts it may be the best option for your wife to petition but for you to repay your debts.
Speak to another IP firm if you are not satisfied with the advice given by Payplan as the advice is free and you have nothing to lose.
P.S. I haven't a clue about I.T. but I am sure someone from admin will be able to help.
I am still curious to know whether this was a properly agreed payment break, or whether this was done at he discretion of your IP. I fail to see why it still cannot be varied - and believe that this would be the preferred option for creditors rather than going to the hassle of a new proposal. If, however, you have decided that bankruptcy is now a better option then this is something definately worth considering.
Melanie,i do believe it was done at the IPs discretion,i spoke to payplan when i was made redundant and it was all done over the phone and i never got any letter from them outlining the payment break.
The company who originally set the iva up put us both in it so we both owe roughly the same amount of debt.
