www.iva.co.uk

Hi Everyone.Could someone please tell me, if you have not kept up the payments in an I.V.A. What the consequences will be?

Hi,

Your IVA will fail and your creditors will start to chase you again.

Are you having problems with your payments at the moment?

You could be made bankrupt or possibly worse the IVA would be failed. This puts you back to square one and any money paid into the IVA would be lost. If however, the missed payments were sanctioned by your IP due to sickness etc the IVA may be extended to achieve the original dividend.

You need to speak to your IP as soon as possible if you anticipate any problems. They will do all they can to accommodate you. Good luck x

You should also carefully read the clauses in your proposal and any modifications, as your creditors could have a restriction on your property.

If you own your own property then the creditors WILL have a restriction on the property.