hi not been on for a while

[andrea]

hi not been on for a while just reading some of the forums and would like to ask paying your mortgage first is the right thing today but like you say if you miss 3 payments your iva can fail well if that happens you will end up losing your house to wont you because your iva will have failed

[Adam Davies]

Hi
If your IVA fails then creditors may petition for your bankruptcy and you may end up losing your home, however it is more likely that you will be back to square one and will end up dealing with your creditors via an informal DMP.
Creditors are quite likely to prefer a DMP over bankruptcy.
So really paying your mortgage is a priority unless you have decided on bankrptcy.
Regards

[Max]

I am very new to this Andy but do creditors use B/R to frighten people and then back down at the end of the day and take what is offered? J

[kallis3]

I don't think so J. If you are in an IVA and it fails, then they will just start pestering you again. It costs them a lot more than it does us to petition for bankruptcy and unless it is written into your proposal it's unlikely that they will do so.

I was never threatened with it prior to my IVA by any of my creditors.

[Max]

Thanks. J

[Skippy]

If you've got a property they are more likely to go for a charging order than make you bankrupt.

[kallis3]

Good point Skippy!