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T O P I C R E V I E W
foxykay
Posted - 05 August 2008 : 08:55:39 I currently have an IVA which I have been paying for over 1 year now, unfortunately due to ill health i may have to give up work would it be possible for me to go bankrupt, I have no assets at all, but obviously will not be able to afford my monthly payments to the IVA.
2 L A T E S T R E P L I E S (Newest First)
John
Posted - 05 August 2008 : 10:15:30 Hi foxykay & welcome to the forum It is perfectly acceptable for you to go BR if your IVA fails. Speak to your IP to see if a lesser monthly amount is possible. Your IP is there to talk to, they are not like creditors so don't hide from them. If a revision is not possible then you almost certainly need a Certificate of Termination from your IP to confirm that your IVA has failed. The IP is unlikely to issue this unless your IVA payments are sufficiently in arrears (usually 3 months minimum). Without the certificate the court may refuse your debtor's petition for BR. So one way or another you need to work this through with your IP.
You could petition for your bankruptcy as long as you have the petition fee. You will also need confirmation from your IVA supervisor that the IVA has failed as many courts are asking for this before they will accept the petition.
