what will happen now

[starboy]

happy new year to you all.i have been in iva for 12 months now.my wife has lost her job the company who are dealing with my iva have said unless she can find a other job iva might not be the anser .if that is the case what will happen now .i bring home £323 my iva is £380 can you help

[MelanieGiles]

Hi there

It is difficult to understand your post, however if you cannot afford the payment to your IVA - and you seem to be saying this - then the IVA may well fail and perhaps bankruptcy becomes a better option for you.

If you could be a little clearer as to what has happened we can probably assist further.

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

[starboy]

thankyou for your reply.my wife who worked partimein a shop was paid off due to a lack of work.she was on £72 a week. my iva have said your iva might fail now.In the past other firms have said i should have gone with them as it would be a lot cheaperIf this is right can i not go with them .also if this does fail can i not go back on a D/Mas i was before

[Adam Davies]

Hi
You will pay the same,generally,into an IVA regardless of the company that you use.
If your oint income has reduced then you can ask your IP for reduced payments for say three months whilst your partner finds work.If she can't find work then you can ask for a variation meeting to reduce your payments down to an affordable level.If your ceditor do not agree this and your IVA fails then you have the option to declare bankruptcy or enter into a repayment plan with your creditors.I would think that it is unlikely that your creditors will make you bankrupt.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[starboy]

Thanks andy for your reply.i do not want to go bankrupt.And the end of the day who decides that you go down that road and why would my credits say no to bankrupt

[Adam Davies]

Creditors don't like to pay for making you bankrupt,they would probably be happier to have you pay something each month in a neverending debt management plan.
Try to keep your IVA going if you can.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[starboy]

Tankyou.who decides me or my creditors to go bankrupt andwho pays

[Beechy]

it depends on how much you noms fee was. based on what you say you have paid in around £3986 to your iva. as i understand it, the noms fee is collected first then the supervisor holds enough to apply for bankruptcy. Before your IVA fails your supervisor they will write to you and advise that you have failed in your IVA because you have not maintained the agreed payments. Generally your supervisor will write to you when you miss your first payment to advise of what can happen and ask if you are having any problems.
You need to talk to the supervisor tell them what you situation is. Most IVA's will have a condition in them that gives the supervisor the ability to let your IVA get in to 3 months in arrears before it fails. Most supervisors like to get the arrears cleared prior to the annual review ( if this is not possible the supervisor will need a time frame as to when the arrears will be cleared).
If you do not talk to the super they will then inform creditors and ask what action they would like to happen.
If there are funds and the creditors agreed than the supervisor will file, if there is not enough money available then it is up to the individual creditors to file. This is a costly exercise for the lender.
There is alway the variation meeting. Dont give up talk to your supervisor.
Let me know how you get on

Beechy