leaving on a jet plane

bill · Joined: 08 Jun 2007 Posts: 1

What happens if I move abroad in the middle of an IVA and my circumstances change regarding income and outgoings? Can I go bankrupt and not pay anything if I know will be living abroad for quite some time or would I have to continue paying my IVA?

Mina · ClearDebt Advisor Joined: 30 Nov 2006 Posts: 3

If during an IVA your circumstances should change significantly then it is upto you to advise your Supervisor of these changes. Your Supervisor then has a duty to review your case and write to your creditors asking that the terms of your IVA could be varied – this is what we call a Variation Meeting, just like the Meeting of Creditors which determined the outcome of your IVA, there has to be a 75% majority of voting creditors agree to the new terms.

If your creditors accept the new terms of your IVA, then you would continue with your IVA whilst living abroad, as long as you keep your Supervisor up to date with you present contact details, there isn’t a problem.

If your creditors decide to reject the variation and terminate your IVA, you may have the option to decide ‘what happens next’

To be honest, I would advise you to speak to your Supervisor and Case Handler to discuss your specific circumstances.

In the meantime, if I can be of any further assistance, please feel free to contact me.

Kind regards

Mina Boyle
Personal Insolvency Advisor
ClearDebt Limited
08000-192-095