Pre-insolvency advice Failed IVA?

Failed IVAs are a financial nightmare. With the protection of the IVA gone, creditors will again aggressively chase debts. Bell & Company can help in every instance.

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Failed IVA?

There are many reasons why your IVA could fail. Your IVA could fail as a result of missed repayments, not disclosing all assets in your application or even taking out further credit during your IVA.

Whatever the reason, a failed IVA doesn’t mean the end of the world – there are options, and the team at Bell & Company can help advise and protect your assets.

Should I Enter an IVA?

Although it can be an option in some circumstances, we always recommend against entering an IVA. Some of the consequences include:

  • An IVA usually lasts for 5 years. Creditors can vote for this to be extended
  • If you are a homeowner, you may have to release equity into the IVA.
  • You will have to pay any large windfalls into the arrangement
  • An IVA means living within a restricted budget. If your income increases, you may have to increase your monthly payments
  • Aggressive creditors can request that the payments be increased from the outset
  • An IVA will seriously impact your credit rating
  • If you cannot keep up with the payments your IVA can fail
What Happens When Your IVA Fails?

In the event of a failed IVA, you can be financially worse off than before it started. You will still be required to pay any debts.

As a result, your insolvency practitioner will likely make you bankrupt if you have sufficient funds. If not, your creditors can apply individually to make you bankrupt.

Also, you will still have to pay the insolvency practitioner’s fees for wor they have done so far.

How can we help?

Don’t panic, there are alternatives to an IVA. That is where Bell & Company come in.

We offer informal but enforceable alternatives to formal insolvency proceedings. This helps protect your financial status whilst solving any debt issues.

Chat to our expert IVA debt management team by live chat, phone or email and we will get back to you very quickly.

Call us now on 0330 159 5820 – know your options.

You Can Trust Bell & Company

1. We will devise the best strategy for you
2. We will see every case through until the end
3. We are experienced in negotiating with Creditors
4. We have helped hundreds of clients

Free Initial Case Review

From the outset, we establish clear bottom lines with our clients, so we understand what their priorities are and what must be protected. We then create a strategy to navigate the way out of corporate and personal debt with impartial advice and rigorous action.

Specialist, Impartial Advice

The team at Bell & Company combine technical expertise with over a decade’s experience, to find the strategies and solutions to resolve our clients’ debt dilemmas. This means that when you’re with us, you can be assured that we’re working for your best possible outcome.

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