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iva half way but may fail
debtfreenewbie
Posts: 226 Forumite
in IVA & DRO
HI guys, I am half way through but 6 months behind due to leaving work and relationship breakdown.
I have been talking to my firm but have received a letter saying they are holding a meeting in the new year and my creditors could let me extend it or it could fail.
What happens then?
Has anyone had this?
I am worried as its a lot of money and I don't want to go back to a dmp.
I have been talking to my firm but have received a letter saying they are holding a meeting in the new year and my creditors could let me extend it or it could fail.
What happens then?
Has anyone had this?
I am worried as its a lot of money and I don't want to go back to a dmp.
0
Comments
-
This might be useful:
http://www.iva.org/what-happens-if-my-iva-fails0 -
I was made redundant 4 years into my IVA, I got a new job pretty quick, but on less money, struggled on a year or so, then my marriage ended, left me with no real way to keep paying what I had been paying.
I asked my creditors to take all payments made to date, in full and final settlement of the IVA, I was sceptical, as my debt was £57,000, and id only repaid £16,500, but, to my surprise, they accepted it.
So that may be an option for you, you have to go through your IP to do this.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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