Failed IVA

foulplay13

My wife and I have a joint IVA, which has been running for 12 months, I've now lost my job and struggling to get new work.

As some of you may of seen from my other posts, I'm about to lose my home, and can't afford to go Bankrupt, so stuck in limbo.

We've stopped paying the IVA and told them to fail it, we are now awaiting the creditors meeting to see what happens, but:eek:

My wife has different terms to her IVA, which includes a Bankruptcy clause (thanks to the rather nasty Northern Rock). But there is a contradiction in the small print:rotfl:. Which means the creditors have to decide (75% majority) which way to go..

I'm not exactly sure what's going to happen in respect of my failed IVA, but it does look like it could get rather complex..


Anyway I'll update this thread on the outcome for future reference.

So_Sad_Angel

Hi Foulplay

I hope all goes well & that the failed IVA will allow you some breathing space to get some money together.

Sadly many will be in similar situation so please keep updating as you will helping others.

If you go to repo try & get the judge to grant you more time. Meanwhile contact Local Auth re housing as you are now unemployed & that may help your case.

Take care, Angiex

foulplay13

So_Sad_Angel wrote: »

Hi Foulplay

I hope all goes well & that the failed IVA will allow you some breathing space to get some money together.

Sadly many will be in similar situation so please keep updating as you will helping others.

If you go to repo try & get the judge to grant you more time. Meanwhile contact Local Auth re housing as you are now unemployed & that may help your case.

Take care, Angiex

You're a star 'Angel'...:A


We have a new place (rented), not too far away (refurbished), all signed up and ready to go, (As for the Council option, call us snobs we've done that and cant go back)..

So unless that miracle happens we move out weekend after next.

DotNetter

foulplay13 wrote: »

My wife has different terms to her IVA, which includes a Bankruptcy clause (thanks to the rather nasty Northern Rock).

Hi there,

I'm currently looking into an IVA and I have my mortgage with NorthernRock and an unsecured loan with them which represents 50% of my unsecured debt (so they basically have the casting vote on the IVA).

Can you provide any information regarding your IVA and NorthernRock as everything I've been reading indicates that they're likely to turn it down.

Cheers,


Wayne

bobbyr

Hi
Our IVA has also failed last October. Since then we have been in touch with a Christian organisation called CAP. They have been very helpful and are helping us to get back on track. Although the creditors have been chasing us we just tell them to get in touch with CAP and they deal with them on our behalf. They do not get money for doing this it's a voluntary organisation. Unlike the IVA company who are just in it to make money.