Support or Confront a Potential IVA Failure

redb_2

hi

my sister has had an iva running since feb 2004 so she should have been out of it by now - however, she has told me that its now running til oct 2010. So does that mean its failed ? if so should she just go bankrupt now ?

She lives at home with my dad and has no assets (so from what i have read it may not have been the best solution back in 2004 ).

Also, i cant help but wonder where has the money gone (the original debt got racked up in shoe shops and the like) she lives more or less rent free and has no dependents to support.

It doesnt help that i am really nerdy about finance - comes from working in a bank - so is she going to take advice from me ?

Should i confront her about it all (the original 2004 debt she sorted out herself without telling anyone about it ) or just keep my nose out

Any opinions are welcome
thanks
red

peachyprice

Hi Red,

No, it doesn't mean it's failed. If they've extended it by another year it's most likely that she was struggling with payments and has asked for the IVA to be re-evaluated, or she has possibly missed a few payments and it has caused it to be extended.

She's been paying in for such a long time it would be foolish to stop and go bankrupt now as she's only got 1 yr left.

To_be_Free

"Should i confront her about it all (the original 2004 debt she sorted out herself without telling anyone about it ) or just keep my nose out"

I would keep my nose out if it was my sister but be there for her if she wanted to talk.

thecableguy12

To_be_Free wrote: »

"Should i confront her about it all (the original 2004 debt she sorted out herself without telling anyone about it ) or just keep my nose out"

I would keep my nose out if it was my sister but be there for her if she wanted to talk.

well i confronted my sister about her debts but thats because we are close all depends on the person its all down to you!:money: