i want to end my iva and go bankcupt

[onesty]

i want to end my iva and go bankcupt is this possible and what happens to th money already paid

[Reviva UK]

Would be good to get some feedback about why you are thinking of taking this step.

is it a change of circumstances, affordability etc?

depending upon which court you wold go to to declare yourself B, you may need a letter of termination from the IP. Some bankruotcy clerks ask for it and some don't!

you would also need to be able to demonstrate to the judge that the situation has changed and that the IVA is no longer appropriate because .........?

costs involved are £485 to th court on the day in cash ( I once had a client that didn't believe me and thought the cash was a bit dodgy so he tried to pay by cheque!) .

The money already paid in would go towards the IP fees and the balance would be divided by the creditors on a pro rata basis.

If you have already missed payments and you have some asset it is possible that the IP would be required to make you B under the terms in the IVA.

[MelanieGiles]

Hi there onesty and welcome to the forum

What a shame that you feel that the IVA should be terminated early. What reasons do you have for this and have you discussed your concerns with your IP>

If you are to declare yourself bankrupt whilst in an IVA, the money held in the IVA bank account is held in trust for the creditors bound by the arrangement and will be distributed to them on a pro-rata basis.