www.iva.co.uk

I have an IVA that is failing and I have asked for a variation as I was originally misadvised to offer more than I could really afford and now my circumstances mean I have less income available to repay the IVA.
The creditors rejected the variation and my sunsequent revised offer and now have voted to fail the IVA.
I do not have any assets however I do not want to bankrupt myself as it means I will spend even longer wasting money on rent rather than having a mortgage.
Can I appeal against their decision on the grounds the original terms are unworkable and I cannot meet the amount that they want? As I have no assets anyway they wont be able to recover debts that way and I doubt they will get much through my monthly wages via a court order.
Their main reason is due to arrears on my IVA however this is due to me being out of work for long periods of time over the last 18 months.

Hello.

I would cancel the IVA and go Bankrupt, purely because it last for only 24 months, you could then spend 3 years repairing your credit record.
The IVA last 5 years, you have nothing to loose.

But that's just what I would do.

Good luck I hope that it all works out[:)]

I believe that if you go Bankrupt and have disposeable income, you will get an IPA for 3 years not 24 months, and the allowances are very similar to those in an IVA.
Have you had a discussion with your IP to see if your IVA could be salvaged?

BR actually only lasts for 12 months, sometimes less. The IPA will last for three years and your credit rating will be shot for a further six years after the date of BR.

Hello Sar.md and welcome to the forum.Although your IVA seems to be failing there is a solution out there to sort your debt problems.Your credit rating will be poor for six years from the start of your IVA so it will be unlikely that you will get a mortgage before the 6 years are up.So Bankruptcy wont make much difference regarding future available credit.Although Bankruptcy should be a last resort,you have struggled with a IVA because of employment issues aswell as unrealistic repayments.There are advantages and disadvantages with Bankruptcy ie some high profile jobs wont be allowed after Bankruptcy.We have some caring members on the site who have experience in Bankruptcy that will be glad to help and support you.First of all i would contact your IP to see what advice they can give you,there are lots of helplines that can help you,but dont pay anyone or sign anything as you can do it yourself with a bit of help.