What happens with my IVA if I have more debt after I have submitted all my information to my IP 1 July at 4:39AM in IVA & DRO 4 replies 171 views

badwithmoneyman

Hey guys
Let's say I have 100k debt and my application has gone all the way through to the creditors and is successfully in its application.
But now they check my accounts again to make sure the debt is the same as in my application and see I owe an extra £3k on top of the initial debt. Also that this extra debt has come from buying and losing shares and stocks.

Would they cancel the IVA where they otherwise wouldn't have?

Thanks

fatbelly

So where is the 3k extra debt going to be? In an overdrawn bank account?
If the IVA has not yet been approved, just inform your IP of the new balance
If you incur a completely new debt this can be added into the IVA, up to 15%
https://debtcamel.co.uk/add-debt-to-iva/

foxy-stoat

If you started your IVA without telling them all your assets, which would include stocks and shares, then you may be in trouble.  Best ask them.

mwarby

You should be as accurate and complete as you can be, but with the best will in the world the balances will differ due to interest and charges being added, that’s normal.

Leaving out a debt intentionally, or intentionally taking out new credit would be a bad idea 

badwithmoneyman

Thank you guys! 
The IVA guys got back to me and confirmed that it can move up to 15%