IVA Advice

Starry-eyed
Starry-eyed Posts: 26 Forumite
edited 3 March 2018 at 9:39PM in IVA & DRO
this is no longer relevant.

Comments

  • fatbelly
    fatbelly Posts: 20,481 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    You can stop paying. It may be some time before your IVA is terminated.

    You can only have one form of insolvency at any time.
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    First Post First Anniversary Combo Breaker
    Hi starry-eyed,


    Your IVA will need to fail before you can file for bankruptcy and I am afraid that is likely to take a bit of time, especially because the IVA is so new. Check the terms and conditions of the IVA, they may offer/ give you a payment break for months before they fail it and this would delay you potentially filing for bankruptcy.

    It is also important to get full, free advice about bankruptcy before going down that route. Something may have already put you off this option, which is why you did the IVA, so be mindful that there are pitfalls in bankruptcy too. You may be able to salvage the IVA if they are willing to vary the payments, so do a new SOA and check your IVA contract before doing anything else.

    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • fatbelly
    fatbelly Posts: 20,481 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    You may wish to hop over to the bankruptcy board for the fine detail.

    The good news is that while you are still officially on the IVA, though not making payments, you are still protected from enforcement action by your creditors.
  • Johnsmith2016
    Johnsmith2016 Posts: 436 Forumite
    Did you take advice as to an IVA being our best option and was it?

    Don't pay, wait to fail and go bankcrupt if you have nothing to protect and substantial debts that will take over 5yr to repay. In my opinion.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards