We have been told that we are in breach of our iva and that the agreement will now be cancelled. We have been advised that this can take aprox 4 months to achieve. Are we obliged to keep making payments in the meantime?
Presunably your case is in breach because you have failed to make the required number of payments. Is there a reason for this - and is it possible to offer a variation to your IP to put before creditors to see if the IVA could be saved?
If you have resigned yourself to the IVA failing, are you likely to go bankrupt or try and make an offer of settlement directly with your creditors? If either of these options are being considered, I cannot see any purpose to paying more money into the IVA.
So sorry to hear that your IVA has failed, as Melanie asks, was there any specific reason such as not being to afford the repayments?
I agree that there doesn't seem to be much point in paying anything else in. If you are thinking of bankruptcy then you could use that money to fund the fees. Otherwise you could consider a debt management plan at least temporarily, while you sort out the future.
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
