What happens if I miss an IVA payment?

If you miss an IVA repayment then your Insolvency Practitioner will need to be told of the reason why. If it’s due to a change in job and lower salary for example then it may be possible to amend the terms of your IVA to reflect this but your creditors would have to vote again on the new proposal and you would need the 75% by value majority again for it to continue.

If you don’t have a valid reason for missing a payment then there are two possible outcomes. The first is that your IVA could fail and leave you back at the beginning of your debt problems again. If your IVA does fail then you would then become liable to pay off all your debts in full and any that were due to be written off will become active again.

The second and more serious option outcome of missing repayments is bankruptcy. If any one of your creditors decides to pursue your debt after the failure of your IVA then you could be facing up to losing your home and possibly your job too. There are many other disadvantages of bankruptcy which make this a last resort when it comes to debt solutions.


Call now on 08000 43 43 47 to discover if an IVA could be the solution to your debt problems or complete our IVA Wizard and see if you qualify for an IVA.