What happens if I’ve missed payments or received a notice of breach and there is no solution?

Once we receive all of the information regarding your revised financial position then we will be able to advise on appropriate solutions [1].

If you cannot meet your payments through hardship, we will always strive to vary or settle the arrangement, rather than fail it. If you find you cannot maintain your payments, we can ask people you owe money to to agree to a reduced payment or a payment holiday. Your IVA proposals will be drafted to include the power to put revised proposals to people you owe money to.

In the event that no solution can be agreed then the IVA [2] may fail.

Following failure people you owe money to will no longer be bound by the arrangement and may resume collection efforts to obtain the full amount of their debt. Failure of the arrangement could also mean that the Supervisor has to petition for your bankruptcy [3].