iva half way but may fail

debtfreenewbie

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.

Mrs_pbradley936

This might be useful:
http://www.iva.org/what-happens-if-my-iva-fails

sourcrates

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.