Author Topic: Failed IVA  (Read 27203 times)


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Failed IVA
« on: May 17, 2015, 08:49:02 AM »

Please can i have some advice

Sorry if this is a long message and I hope it makes sense

I was forced into an IVA Approx 3 years ago due to separating from my wife and family. I was entered into the Iva and was told to try and get on with my life

Over the 3 years I have managed to keep up with all my IVA and all annual reviews. When I first started the Iva I had nothing no where to live or anything but I managed to get my self back on a steady track. I was told that I can save and u did  so. Over the 3 years I managed to save as much money as I possibly could including and birthday money etc. I managed to save enough potentially to settle my IVA Before the time.
About a year ago I brought myself a car for work out of the savings which reduced my savings but I did anyway. Unfortunately the car was stolen during the last year my insurance company have bee a challenge to get a settlement from and now they have decided to settle but before doing so they decided to go behind my back and contact my IVA and now my IVA have become very aggressive and have told me to seek legal advise as they are starting criminal proceedings as I have failed my IVA unless I instruct my insurance company to pay them my entire settlement.
This has caused me major stress in the last few weeks.
i understand that I may have breached my IVA but I was only trying to sort my life out and I was in such a routine every month saving I just got in with my life trying to sort my marriage out and kids
I have told my IVA that once my settlement has been made I will take to them and I have also offered to pay some money's out of my settlement to my creditors. I have told them these were savings that I had saved from my salary not any windfalls but they are not willing to discuss

The are really scaring me as recently I have just about sorted my marriage out and finally Decided after many years to give up my job and set up a small business  which is due to go live on the 1st July everything is set up and I have work booked in for the next 6 months. But now my IVA are threatening freezing all my accounts and failing my IVA if Thia happens I will loose everything including my new business and I will have no income and potently my family again.
I have always been an honest person but I don't know what to do anymore

In have offers to pay money to my IVA but they won't listen to me they we just judging me because I saved my money and brought a car
Sorry for the long messaged but not sure what is going to happen


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Re: Failed IVA
« Reply #1 on: May 24, 2015, 06:27:58 PM »

Do you have the written terms of your IVA?

If i remember correctly you are allowed a vehicle up the value of £500.

May be worthwhile booking an appointment with your local Citizens advice.