Help with IVA fail...

diddley

Hi all....need advice please.....i started iva with Blair Endersby last feb, no way could i manage on what they left me with so not paid anything since last july......i've rang them and told them i can not afford payments.....they said if i missed 3 payments in a row my iva would fail.....so what happens now ? I've not heard anything apart from they wanted it in writing which i did, twice..is this normal practise as i thought i would have heard something long before now.

althas

Could I just ask an obvious question, why you went for an IVA and agreed to one that would not leave you enough money to live on. That is the whole point of them?

But yes I do believe that 3 missed payments means your IVA fails (I remember that from my agreement), but what happens next I could not say. Your creditors may pettition for bankruptsy, or the debts would revert to how they were before IVA

But I can not understand if you not paid since last July and NO ONE including the creditors have contacted you, something is amiss seriously. Do not bury your head in the sand, be proactive and get onto BE and talk to your IP not someone who answers the phone. You need the professional to help

diddley

I told them that i wouldn't have enough money but they didn't seem to care, I agreed to it all so fast as i'd made myself so ill with the worry, my daughter thought i'd had a stroke due to all the worry, but luckily i hadn't.....i wasn't given enough time to take things in and i just signed away without thinking things through and now i feel as if there's no way out. I've got my sons (twin boys 13yrs) to think off and i'm so fed up of not been able to provide them with a good standard of living....its going to take far to long to explain how i ended up in this mess but i've gone off men for a while ......

diddley

Well i've just rang Blair Endersby and even though in the IVA agreement a fail is classed as 3months non payments, mine is now up to 8 !!! i still haven't failed my IVA.....how the hell does that work.....but i can petition my own bankcruptcy and thats what i'm going to do...

tantarra

I entered an IVA with £48.000 worth of Debt and i have not paid my IVA since July 2010 and we are now in May 2011, i faxed the IVA company informing them that i was cancelling my direct debits in June 2010, as i could not afford the £300 monthly payments and have not heard anything from them at all, Can i now go ahead and apply for bankrupcy on my own without the cancellation agreement from the IVA company?

Many Thanks

dancingfairy

I believe some judges will want to see the failure certificate (or whatever it's called) before they make you bankrupt. I think the best bet would be to phone up the IVA company - get them to officially 'fail' the IVA and send you proof so you can present it at court.
Do also be aware that a judge can refuse your bankruptcy if you haven't sought advice first - go to Citizens Advice Beareau or phone National Debtline or try CCCS - if they say go bankrupt then great. If not you need to think about what they've recommended and why and be prepared to convice the judge that bankruptcy is your best option if needs be.
Oh and don't forget to a) start saving for the bankrupty - it costs about 700 a person I think now and b) phone your court and find out if you need to make an appointment to go bankrupt - different courts have different systems.
df