www.iva.co.uk

Hi me and my partner have been on an IVA since july 2006 it has been a complete nightmare as i'm a self employed builder times have been extremely tough for the last year and as a result i owe my IVA £800 and they are now going to issue me with a certificate of termination what i want to know is whats going to happen now?

Hi and welcome to the forum.

Sorry you have been having so many problems.

Has your IVA company given you the opportunity to pay extra each month to clear the arrears? Can you carry on making your payments?

If you are to be issued with a certificate of termination, then you will be back to square one with your creditors. You then either need to try and do a debt management plan, try and propose another IVA or go bankrupt.

Which company are you with?

Hi and welcome from me too.
£800 does not seem like a lot especially given the length of time you are in your IVA. Would it not be possible to add the payments on at the end or get a variation to forgive the arrears and reduce the payments to a more affordable level?

£800 is not a lot at all as i have already paid £10,000 in payments i am a bit annoyed with it, although i have already got them to suspend payments at the end of last year and extend the IVA lenth, when i first took out the IVA i was not aware that they were not really concerned with wether or not you have any money and as a result may default on payments,just as long as they get there pound of flesh (which they now have).

It may be that the IP is not actually terminating the arrangement and will go back to creditors for a variation. Speak to your IP directly as it seems really harsh to fail an IVA for such a small amount after such a long time. In addition, creditors are aware that the building industry has suffered so are normally sympathetic in allowing extensions, missed payments and reductions in contributions.

IPs only have a certain amount of discretion, and it is possiblr that your Supervisor is acting entirely appropriately - however in my experience good lines of communication work wonders to getting issues like this resolved. If your case is genuine, then your IP is sure to want to help you - as no-one likes to see cases failing.

I hope you get it sorted. Let us know how you get on.