Can you go from an IVA to bankruptcy??? does anybody know?? as i`m on an iva in its 3rd year but i really need to help my dad out now with his mortage as he wont be able to meet them and i`m wondering as to wether bankruptcy is a better idea??? 
:-/
The answer is 'yes you can', but why do you want to?
An IVA is basically an Involuntary Arrangement, prior to, or instead of going Bankrupt in the first place. A few years back an IVA was frowned on, as what ever arrangement was made through the Courts and not satisfied would end up being made Bankrupt anyway (so you just prolonging the situation).
These day’s IVA’s are the ‘so called’ best ways of reducing your debt and getting a lot of your debt written off, however the IVA debt consultants earn around 20p per £1 that you owe as commission, hence why this has become fashionable!.
Bankruptcy isn’t nice, and must be treated as a last resort, especially if you have any assets, i.e. property or joint property (or you may come in to assets in the near future, i.e., death of a family member leaving funds or property, then it really gets messy).
Having said all of the above, if you don’t have considerable assets, then it’s a clean break to write off your debts and start a fresh (assuming you can live the next 7 years without credit or credit cards). Bankruptcy use to last for 3 years before you were able to be discharged (the 7 year thing starts on your Bankrupt Date), these days subject to the amount of debt and your Bankruptcy record it can last for only 1 Year with a possible discharge of lees than 6 months from going Bankrupt??
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Topic: IVA..... (Read 1136 times)