From I.V.A. to bankruptcy

IN_LIKE_EVERYONE_ELSE!

Has anyone pulled out of an IVA and filed for bankruptcy?

Did you get any grief from the IVA company?

Did the O.R. say anything?

TAG

All I can say to you is if there is anyway at all that you can avoid bankcruptcy, avoid it. It isn't always the easy option that people think it is.

headchef

Hi I-IT-L-Everyonelse
Obvious question - what has prompted this? U r a regular - what's happening hun?
x

IN_LIKE_EVERYONE_ELSE!

headchef wrote:

Hi I-IT-L-Everyonelse
Obvious question - what has prompted this? U r a regular - what's happening hun?
x

Thank you for your concern Headchef! I have a friend looking at this option, the IVA company has slapped a charge on their house and I am getting this removed for them, the IVA company took both incomes into the SOA and now the missus has left the building. £300 per month over 5yrs.

Addicted2Chocolate

it happens all the time when their is a change in circumstances , the debtor cannnot afford ayments because of a change in circumstances, so petitions for bankruptcy. OR will not thinhk it unusual , but will get a copy of IVA proposal to compare assets then with assets now. If there is equity in the house they will have to sell house or have a third party purchase the trustees interest in the house. see leaflets on https://www.insolvency.gov.uk, especially 'what will happenm to my home'.