www.iva.co.uk

If an iva fails and your creditors get in touch is it possible to arrange monthly payments with them or do they go straight for bankruptsy

If the IVA has been failed by the IP then you are effectively back to square one. Creditors rarely make people bankrupt especially if the supervisor has not done so.

My iva hasn't failed but I've been paying 92-00 a month and now my husbands benefit has gone up and there's the 50/50 clause which will put our payments up to about 172-00 per month. We have another 48 months to go and at the end we'll have paid over the original debt of 7000.00. Would I be better to let iva fail and make payments direct to creditors.

I'm not an expert (and I'm sure one will comment) but I'm not sure you should even be in an iva - there are probably better alternatives.

Hi I was in a DMP and this was fine but I started getting calls from the manager and he talked me into it now I wish I'd held my ground as I could have had only 11/2 years left

Would suggest you get some seperately advice from citizens advice etc.

It is rarely good advice to cancel an existing IVA so the CAB is an option. You could discuss this with your IP if you are not happy and see what they say.

Hi Michael could you please tell me what a CAB is. Thankyou

Sorry the Citizens Advice Bureau. They could advise whether the IVA was the right thing at the time and what to do going forward. Bear in mind that many benefits are excluded from IVAs so you may not need to up your payments at all anyway.

Thank you Michael