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Posted: Mon Jan 14, 2008 3:23 pm
by golfgonemad
Once in an IVA and circumstances change (ie entered a joint IVA and relationship ends - now running 2 homes on same income)can payments be reduced significantly? Is it possible to decide to go bankrupt during an IVA if having difficulty meeting the repayments?
Posted: Mon Jan 14, 2008 3:49 pm
by pbeck
Yes, you can go bankrupt if you want, it will end the IVA.
If you wish to remain in the IVA, then the Supervisor could call a meeting of creditors to approve a reduction in payments due to the break-up, but the creditors will only accept it if the level of residual payments are meaningful
Philip Beck -
www.freeivaadvice.co.uk
Licensed Insolvency Practitioner and IVA specialist