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What Happens If My IVA Fails?

Question: I am going through and IVA and have another 4 years left. However I have just found out that I am pregnant and therefore will have to leave work. This means I am not going to be able to pay the monthly payments of £289 a month. What would happen, as I cant lose my home?

Answer: You may want to discuss this with the supervisor of the IVA as if there is equity in the property it can be an issue.

If your creditors make you bankrupt or you make yourself bankrupt, the property will be looked at and if you cannot afford it or there is equity, it can be complicated.

You could consider a debt management plan, making payments of what you can afford if the IVA fails; this can take a long time to repay the debts and is not a formal arrangement such as an IVA.

Regards,

Jon

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Speak To An Expert By Telephone

Are you considering bankruptcy, have a pressing debt or credit issue, are bailiffs threatening, are you being chased for payment, is your spouse or partner considering bankruptcy and you are worried about how this will affect you, do you own property and are in debt?

Are you already bankrupt and wondering what will happen next, or is your bankruptcy over and you want to re-build your credit standing?

If you answered yes to any of these questions why not speak to a Debt Expert, someone who is experienced in insolvency, bankruptcy, and matters related to personal finance. Many people either make the decision to go bankrupt, or are made bankrupt, without knowing their options or what will occur.

My name is Jon and as a Debt, Bankruptcy, and Personal Finance Expert, I am not here to try and 'sell' you something; I am hear to listen to your question and give you impartial, expert advice and a solution.

Many times I have heard from people who made the decision to go bankrupt or enter into an IVA, only to find what they had chosen was wrong for them.

If only I had known…had this been explained to me…no one told me that…it wasn't my debt how can I lose my house…they had the debt before we met…I never knew I could do that.

Get professional, expert advice before making a decision that can stay with you a lifetime! Get the facts and make an informed choice!