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Failed IVA what happens next ? Failed IVA what now ? Failed IVA advice
Submit a callback request or contact an expert advisor about your best options with a failed IVA, to see how you could clear those debts once and for all - 07925183287
An Individual Voluntary Arrangement (IVA) is an insolvency solution designed to benefit those who own a property with equity, have assets, are a director of a limited company or in an occupation where they are restricted from entering bankruptcy. It follows that if you do not meet any of these criteria then it may be the wrong solution for you.
If you have stopped your IVA payments then you could look at the benefits and consequences of going bankrupt.
Failed IVA what next - IVA to bankruptcy - Advantages
If you were in an IVA for less then 3 years, are not a property owner (or you live in your own property that is in negative equity), do not have significant assets (i.e. an expensive car) and are not in an occupation affected by bankruptcy then you may benefit financially by going from an IVA to bankruptcy. This process is effectively replacing one court order by another. This also usually means that you can get a fresh financial start much sooner.
Failed IVA what now - IVA to bankruptcy - Disadvantages
If you do not have long to go to the end of your IVA process then you need to compare your monthly payments with the amount you are going to be expected to pay in a bankruptcy Income Payments Agreement. This is where you have to pay your surplus income each month for 3 years. This is because you need to determine the savings, if any, that could be made by going into bankruptcy. By looking carefully at your income and expenditure and calculating your actual surplus income this may be less than you are paying in the IVA. Talk to us and we can evaluate your circumstances and provide you with a free income and expenditure review.
Failed IVA what next - How long does it take to exit an IVA?
If your IVA has not failed yet then what happens after 3 months of non-payment you would receive a notice of breach. If you take no action for a further month then there would normally be a meeting of creditors and the IVA would then fail. You should then receive a letter confirming the IVA failure that you would need to take to court with your petition if you then file for bankruptcy. This means it normally takes around 4 months to exit the IVA after you have stopped making payments.
Failed IVA what now - IVA to bankruptcy - What are the consequences?
If your IVA fails it would usually mean that you are again responsible to your creditors for your original debts. This is because during the early part of an IVA the money you pay often goes toward set up fees and the IVA company’s own professional fees before any payments are made to your creditors. However, this is not a problem if you move without delay from a failed IVA to the protection of bankruptcy.
I have new debts as well as the debts that are in the IVA
This is not a problem if you go bankrupt because all your unsecured debt would be cleared (with a few exceptions such as student loans and criminal fines). This means that the bankruptcy petition would list all the creditors from the IVA as well as any additional creditors that you have. This would give you a completely fresh financial start.
Speak to an expert advisor on 07925 183287.