feel that I could manage the debts myself

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m .a

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Post by m .a » Fri May 23, 2008 12:03 am
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I entered into an iVA last November with 31,000 debts and a low paid job. Now I have a good job and feel that I could manage the debts myself. Can I get out of the IVA
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MelanieGiles

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Post by MelanieGiles » Fri May 23, 2008 12:05 am
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No - you are bound by the terms of the agreement and there is little advantage to repaying debts outside of the IVA if you balance the saving in IP costs against the interest creditors will charge you. If you can, pay over as much as you can and get the arrangement paid off early.
Regards, Melanie Giles, Insolvency Practitioner
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