Hi Amanda
Are you long into your IVA? Are you finding it difficult to keep up with the monthly contributions? As Helen mentioned, if you miss three payments then your IVA will fail and you will be back to square one with either bankruptcy or a debt management plan being the only alternatives.
Perhaps it may be worth a conversation with your IP? If you are struggling, then your IP will be able to look at ways to help you.
Good advice above. If it is your monthly contributions that you are struggling with then there are options available that your IP should discuss with you. I would suggest picking up the phone and talking to the company helping you.
I hope everything gets resolved for you, take care.
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support.
To answer the direct question which was posed, you can withdraw from an IVA in the same manner that you can withdraw from any contract. The consequence of this would be that you would be in breach of contract which would give the creditors rights to pursue you outside of the IVA. In which case you could then pursue the route that you feel is better for you - bankruptcy or DMP.
Thank you all for your advice and taking the time to reply to me!
I entered into the IVA in November so I have only made a few months worth of payments. Im not struggling with the payments as such I just think I could have been advised better. A DMP seems like it would have been a better option but when I speak to my IP they seem to be saying "tough luck" I just was so panicked I agreed to an IVA without fully realising the problems it was going to create with my mortgage and ex partner.
I will ring them in the morning again but I really dont want to go bankrupt as I would lose my house and job. x (sorry if my account is confusing I had to change my details)
Hi
Think carefully about stopping your IVA, there are many advantages to an IVA over a DMP that you may not feel at the moment. Have a chat with several experts/companies and consider all options carefully
Regards
Hi Andy
Thanks for your advice. My current IVA is with simple debt solutions. I spoke to the national debt line tonight and they said i would have been perhaps better to have done an iva because of the equity but that its too late. Im at a loss what to do now but think i will speak to the CAB and experts and consider from there as you suggested.
Hi
How much equity do you have and how much debt do you have ? In a DMP creditors can still secure debts against your property, in an IVA you are protected from this
Regards
IPs and debt management consultants should merely advise their clients on the range of options that are available to them, and let their clients choose the solution which they feel best suits their circumstances.
Those firms which steer clients down one route only, are bound to suffer more lost clients which to me seems a complete waste of everyone's time. An IVA which was taken out in November 2009 should not be failing by March 2003 - unless the debtor has been subjecte to a completely unexpected change of circumstances.
I was not given any advice on the options available to me and was told to go into an IVA. This is of course my fault for not looking into things fully but I panicked.
The debts were joint with my ex but because I had better credit rating I obtained the vast majority in my name. The debt is £38k. He was paying me a contribution each month to in a sense pay me back, but because we have just been informed any debts in his name as well (prob 20k of it) he will be chased for anyway he has refused to pay me anything further.
I wont be able to pay the mortgage and iva payments so my IP has told me to let my IVA fail and stop paying. I dont wish to do this as I dont want to risk being made bankrupt.
So am currently thinking I will need to sell the property to pay some of the debt off. I put in a £20k deposit and there is perhaps £8k equity.
Not sure what to do really and whether this will work, if the creditors will accept the £28k as full and final settlement?
What a complete waste of everyones time - as a result of poor advice at the outset. You definatelu ought to have been made aware of the implication of join debts before making your decision.
Hi i'm with simple debt solutions aswell i looked them up on iva.com before going with them and they had good reviews but since being on here i have heard nothing but bad.
We all have different experiences with our IP's. Up to now, Payplan have been excellent with us, but there have been other people on here who don't rate them at all.
If you're happy with them, then you shouldn't have anything to worry about.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
