iva

[jimmyninja]

Any advice please
me and the wife are in an iva and are haveing trubble keeping up with payments, thay have told us that the iva will fail usless we start making full payments again.

[soobet]

iva ?

[CheekyChops]

That is the whole point of an IVA - you agree an affordable amount to pay for 5 years after which time your debt will be cleared, whether you have paid the full amount owed or not.

You usually pay only a percentage of what you owe in total.

How come you are having problems keeping up the repayments, have your circumstances changed since taking out the IVA?

If the IVA fails, you will probably find that most of the money you have paid so far will have disappeared in fees to the company managing your IVA, therefore you may find that your actual debt hasn't done down by much, if at all.

Your creditors will then want full payment of the debt rather than a percentage (like was agreed in the IVA) and you may find yourself being bombarded with letters etc from debt collection agencies.

I would suggest you post full details of your circumstances on the Money Saving Expert website - they have an IVA board and the people on there really know their stuff and will be able to advise properly.

Go here and register!

[themas]

If the IVA fails, you are back to square 1. Unless there are very good reasons against it, it might be that your best option then would be bankruptcy. Take advice from a free service such as CCCS or local CAB - not from any fee charging ouotfit.