IVA Advice

Starry-eyed

this is no longer relevant.

fatbelly

You can stop paying. It may be some time before your IVA is terminated.

You can only have one form of insolvency at any time.

National_Debtline

Hi starry-eyed,


Your IVA will need to fail before you can file for bankruptcy and I am afraid that is likely to take a bit of time, especially because the IVA is so new. Check the terms and conditions of the IVA, they may offer/ give you a payment break for months before they fail it and this would delay you potentially filing for bankruptcy.

It is also important to get full, free advice about bankruptcy before going down that route. Something may have already put you off this option, which is why you did the IVA, so be mindful that there are pitfalls in bankruptcy too. You may be able to salvage the IVA if they are willing to vary the payments, so do a new SOA and check your IVA contract before doing anything else.

Laura
@natdebtline

fatbelly

You may wish to hop over to the bankruptcy board for the fine detail.

The good news is that while you are still officially on the IVA, though not making payments, you are still protected from enforcement action by your creditors.

Johnsmith2016

Did you take advice as to an IVA being our best option and was it?

Don't pay, wait to fail and go bankcrupt if you have nothing to protect and substantial debts that will take over 5yr to repay. In my opinion.