failed iva what next
Options
motivate11
Posts: 53 Forumite
in IVA & DRO
as above my joint iva has now failed what will happen next
cant afford bankruptcy
any advise pls
cant afford bankruptcy
any advise pls
0
Comments
-
Sorry to hear that your IVA has failed. It sounds like you need to discuss other options - consider speaking to a debt counsellor from NDL (National Debt Line), Consumer Credit Counselling Service (CCCS) who will be able to help with your budget and discuss other options. If bankruptcy is the route you want to go down maybe you could offer token payments whilst save up for the fee. But your first step is to discuss your options.
Good luck0 -
what would be acceptable as a token payment????Sorry to hear that your IVA has failed. It sounds like you need to discuss other options - consider speaking to a debt counsellor from NDL (National Debt Line), Consumer Credit Counselling Service (CCCS) who will be able to help with your budget and discuss other options. If bankruptcy is the route you want to go down maybe you could offer token payments whilst save up for the fee. But your first step is to discuss your options.
Good luck0 -
£1 per creditor but if you have a lot of creditors then this could be difficult to manage and if you have 2 or 3 creditors then £5 per creditor.
But I would seek advice regarding other options also e.g DMP, Bankruptcy. I am unsure of your income but depending on your income the court aspect of bankruptcy fee maybe wavered and you should check if your gas/elec/water company have funds set up to help towards cost of bankruptcy. I am sure someone in bankruptcy forum has more knowledge on this.
Good luck0 -
If you decide bankrupcty is definitley the way forward for you there is absolutely no point in offering token payments.
Have you checked with your IVA supervisor whether there are provisions for bankruptcy? Some IVA's pay the bankruptcy fee if the IVA fails.
Other than that, if one of your creditors is HMRC or Amex there's a chance they will make you bankrupt.
HTHAccept your past without regret, handle your present with confidence and face your future without fear0 -
there is something written in the iva that £750 should be kept for bankruptcy proceddings but the company i am with has said i havnt paid in enough my payments where £256 a month and i have only paid 7 or eight so i imagine that the company is taking what i have paid for themselves for the work they have donepeachyprice wrote: »If you decide bankrupcty is definitley the way forward for you there is absolutely no point in offering token payments.
Have you checked with your IVA supervisor whether there are provisions for bankruptcy? Some IVA's pay the bankruptcy fee if the IVA fails.
Other than that, if one of your creditors is HMRC or Amex there's a chance they will make you bankrupt.
HTH0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards