www.iva.co.uk

if you miss the 3 payments in a row for your iva are u automaticaly made bankrupt and summond to go to court or do you still have to fill out the forms???

Hi,

The answer to this is no - the IVA will be terminated and you will be back to square one dealing with your creditors. If you wish to go bankrupt then let the IVA fail and you will then need to find £510.00 to go bankrupt yourself and fill out the forms.

the problem is i might not have a choice i been in an iva now for 3 months i had an injury last year which has affected my life im in a situation where im on half pay and im going to struggle with iva payments as im not guaranteed the same wage every month as im having to have time off work due to illness with my injury im soon going to be in a situation where if i have time off i will be on no pay untill i win my injury claim but that will not be for a while i dont have any assets

Hi,

I presume you have told your IP concerning this?? If so what have they said.

If you have no assets and you are really struggling then bankruptcy may be the best option for you - it is no bad thing and you have at least tried to pay something back.

my ip has said they are going to arrange a lesser payment this month depending on how much is deducted from my wage and the same next month however the way i see it is if this going to carry on and my condition is not improving anytime soon is it worth carrying on with the iva

The answer to your question is that it depends upon the terms of your specific proposal - some will state that the Supervisors has to petition for your bankruptcy, and others will state that this will not happen. If in doubt speak to your Supervisor to find out exactly what will happen if the IVA goes into default.

Melanie the terms of my iva said that money was to be kept aside to file for my bankruptcy if my iva failed, it did but when I questioned iva co after a lot of disagreements they said that what it actually meant was that they would have to call a creditors meeting and let the creditors decide wether they wanted to keep the money for themselves or file for my bankruptcy and that it would take months.I decided to pay £510 and do it myself,but I did feel a bit conned.

You need to check your proposal carefully to see if it says anything in there about bankruptcy. Ours doesn't, so in a worse case scenario we would have to pay for our own.

You would still have to fill in forms anyway, even if your creditors made you BR as the OR needs to know about your I&E.

If you fail an IVA, do you owe your Creditors the full amount of the debt pre IVa agreement, or just what is left of the debts you owe?

Hi.

Any monies that you have paid across to the IVA will be paid to the creditors, less fees.

You will then owe the creditors what is remaining after that (which may be pretty much what you owed them in the first place depending upon how long the IVA has been going.)

Mine's been going for 4 years now and i owe £4800 into the IVA which ends in October 2010, so anyone got a rough idea on how much I would actually owe?

And creditors can charge all of the interest they would have charged had the IVA not been in place if it fails as well.

Forgot about that Mel.

It would be impossible to say as firstly we don't know how much you owed in the first place, and not knowing how much has been paid to creditors or what fees have been charged or if interest would be slapped back on would obviously make a difference.