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Hi, My IVA was accepted on the 23rd January...1st payment to be made on the 1st Feb! I feel over the moon that I can now start to get my finances sorted (hopefully) I still feel a little worried as I know it's going to be tough going.

One question I wanted to ask is....when my IP advised me that my IVA had been accepted she advised that if I couldn't make the payments my creditors wouldn't make me go bankrupt they would just fail my iva. What does that mean exactly? what would happen to the money that I still owed?

Thanks

I am not sure that that advice is strictly true, Suze, but if may just be your IP's opinion. If an IVA fails, you no longer have the protection afforded against creditor actions, and are basically back in the same position you were prior to entering into the IVA. So creditors could still make you bankrupt if they wanted to. In reality this rarely happens, but just bear in mind that it might.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thanks Melanie....I really want this to work so don't plan on letting this fail for me. I am 29 years old and the thought of being debt free by 34 is beyond belief (if I hadn't of taken a IVA I doubt I would have been debt free in 12 years....I had no life to look forward to! The thought of being able to start a family by the age of 34 is amazing as I had just given up on everything)
Debt really can destroy people but this forum has been the best thing that ever happened to me....just wished I'd found it sooner!

Thanks

Hi suze
congrats on IVA approved. here's to the next 5 yrs
Regards Roadrunners

we'll make it !!

Thanks Roadrunners...fingers crossed!

congratulations from me too suze. All the best.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Congratulations Suze x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/