www.iva.co.uk

Hi,
I entered into an IVA in December 2010 and had no problems for 6 months.
But then through a catalogue of unexpected bills and stupid decisions I ended up taking out and being unable to pay some payday loans.
On advice from CAB in Feburary this year I decided to fail the IVA to enable me to go Bankrupt(I have no assets).
Now that I have received my certificate of notice for my IVA failure I am having doubts as to what is the best way forward.
I know bankruptcy is still probably the best option but my IVA would never had failed without mistakes made by me and now months on I am in a much better place mentally and regretting my action.
My questions are Is it possible to propose a new IVA so close to my previous one failing?
and are the Creditors likely to vote against me seeing as my original IVA failed after just a year?

Many thanks for your time

Hi Mickey

Why not try and propose a second one, nothing is stopping you call a few firms and tell them about the last one, the reasons it failed and why you want to propose another

It is possible to propose a new IVA, however, I am not sure if there is a restriction on timescales. I do feel from your post that your next step is to talk to a few IVA companies (visit www.iva.com) and seek some free and impartial advice, so that you are absolutely sure whether an IVA or brankruptcy would be your best option. Do explore both options thoroughly before making your decision.

Hi MickyT, I would echo the others and say it is absolutely worth speaking with a couple of professionals to look at your options again, if only to reinforce that Br is the way forward. If it turns out you would prefer to take out another IVA to repay your creditors then there is nothing stopping you trying. It is a shame that your previous company could not have found a way of working with you to prevent this happening. Yes you may have made some bad decisions but you should have been able to approach your IP about it or find a way to alleviate whatever pressure you were under.

That aside it is time to look forwards so give a couple a call and see what you decide... and if you go for one again, use your IP and this forum properly for help and support!

Many thanks for your replies.
I have a day off tomorrow so will make some phonecalls and decide on the best way forward..

Sounds like a good plan and if you do it in the morning you might be able to enjoy your afternoon off doing something else!

Good Idea Tina and then I can spend the afternoon sunbathing in the July sunshine ha!

I like people with a positive outlook on life

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MickyT

Good Idea Tina and then I can spend the afternoon sunbathing in the July sunshine ha!

Positive, Tina ? Optimistic !!! [:D]

Don't forget your snorkel Micky [8D]

I've represented IVAs for ones which have previously failed several times recently, and have had no problems in getting them accepted - but you would need to fully explain the reasons for the earlier failure and persuade creditors that whatever caused this will not occur again. If it feels right to re-propose, then good for you for wanting to still offer your creditors a better return than they would get under bankruptcy proceedings.