iva failed

margaret62

we have been paying an iva for 2 years, but all benefits were included, now children are getting older and benefits dropped we couldn't keep up payments so asked if we could lower them. a meeting was held and apparently the iva has now failed,does anyone know what will happen next as we havent been told anything it has been a couple of months and no one has demanded money or anything, i keep dreading the post or phone ringing i'm just not sure what i should do next

fermi

I'm told that what happens next depends on the terms of your IVA agreement.

Have you read the clauses regarding failure through? Have you contacted your IP/supervisor?

margaret62

thanks for your reply, i haven't read the clauses but i will do that today

tinkerbell212

We were told that there is going to be a meeting with all the creditors. They will then decide whether OH will be made bankrupt or whether IVA has failed and creditors can start chasing us for the money again (great huh, after paying for a couple of years, back to 0). Our IVA company is not very interested now there is no more money to claw away from us..