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If you are struggling with your IVA get advice and help here
By Crackedup
#27867
I entered an IVA in October 2011, I stopped making payments in May 2012 as I was living on my own. No one has made contact with me to state what happens next. I understand from reading up that missing payments will have caused my IVA to fail, but my IP has not been in touch or my creditors. I am not a home owner the debt is because I had my house voluntary repossessed
By Carla
#27871
Hello Crackedup and welcome to the forum

I think the best thing you can do is contact your old IP and find out what has happened. If your IVA has failed then you will probably still owe all the money that was originally included in your IVA. If you are not a homeowner perhaps the best solution is to declare yourself bankrupt and be rid of the debts once and for all. You will need a letter from your IP confirming your IVA has failed to do this though so you will need to speak to them.
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By Hayden
#27905
This is a very strange situation Crackedup. Have you moved since you started your IVA? Perhaps your IVA company has been trying to get hold of you but has been unable to do so.

I think it is highly likely that your old IP has failed your IVA but it would be worth contacting them and confirming this. You might have the option to start a new IVA if you can afford the payments. However as Carla says, if you have no property to protect,simply declaring yourself bankrupt would mean that you will be free of the debts in a fast time and you will end up paying far less back.
#27924
Hello Crackedup.

I think it is highly likely that your old IP has failed your IVA. I assume that you stopped paying as you could not afford the keep up the payments? That being the case and the fact that you have nothing to lose, bankruptcy does seem a sensible option to write off your debt once and for all.

You should contact your IP, find out the situation and ask for your certificate of failure if the IVA has failed.
#27934
Hi Crackedup, I agree with the other posts in that bankruptcy does sound like a good option for you providing you don't have any other assets. Please let us know what you decide to do after you have spoken with your IP.
By Crackedup
#27941
Hi. Tank you everyone for your advice. I spoke to them (my old IVA company) last week and as you suspected they did fail my IVA. They said that they send the failure letter to me in October last year but I never received it so they will send it again. Funny that I have not heard from any of my creditors though? I would like to draw a line under this once and for all as when I started the IVA I was in a lot of debt (almost £22k). The problem with bankruptcy is getting the money to do it which I understand is £700. Do you thing my creditors will eventually catch up with me?
#27949
Hi Crackedup, the good thing is, at least you know where you stand. You are able to declare yourself bankrupt now, if that's what you want to do, but as you said, there is the fee. You could use the money that you are saving from no longer paying your IVA, it doesn't matter how long it takes to save it, as they can do nothing worse than you declaring your own bankruptcy anyway. It is likely that your creditors will soon start contacting you again soon for repayment. It sometimes takes a while for your details to be passed back to the correct department. If bankruptcy is definately what you would like to do, i would suggest trying to get the fee together as soon as possible, as the sooner you declare yourself bankrupt, the sooner you will be able to draw a line under your debts.