If you have no significant assets then the short answer to this question is ‘Yes’ especially if your debts amount to more than £10,000. When you exit an IVA prematurely the creditors are advised of your status and the debt collectors start contacting you all over again. The annoying thing about this is that you were probably better off entering bankruptcy in the first place, around 70% of people are.
Also annoying is that the IVA company will have taken the first 20 payments you made towards the IVA for themselves, to cover their costs and set up fees. Taking people through the IVA to bankruptcy process is our speciality. so call us and we’ll tell you more.
‘I can no longer afford my IVA should I go bankrupt’ is just one of hundreds of questions we’ve answered since we first started in 1998, but feel free to call us on 01425 600129 if you need more specific information or bankruptcy help. We are here to help.