is it possible to come out of an IVA ?

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mick.s

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Post by mick.s » Sat Aug 23, 2008 3:40 pm
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is it possible to come out of an IVA once it is started?
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Viki.W

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Post by Viki.W » Sat Aug 23, 2008 3:44 pm
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Hey Mick, welcome to the forum. You could let the IVA default by missing three payments or you could pay your debt off. I think they are the only two ways to come out of it. Are you in an IVA now or just thinking of it?
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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Skippy

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Post by Skippy » Sat Aug 23, 2008 3:47 pm
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Hi Mick and welcome to the forum.

Yes it is possible to come out of an IVA either by paying your debts in full, offering a full and final settlement or failing the IVA and going bankrupt or into a DMP.

If you pay your debts or offer a full and final, the IVA will still show on your credit rating for 6 years from the date of the creditors' meeting. If you go BR, the BR will be on your credit file for 6 years from the date of the BR order, regardless of when your IVA started.
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MelanieGiles

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Post by MelanieGiles » Sun Aug 24, 2008 2:37 pm
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Is there any reason why you want to come out of your IVA, Mick?
Regards, Melanie Giles, Insolvency Practitioner
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Maz

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Post by Maz » Sun Aug 24, 2008 3:05 pm
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Hi Mick and welcome, Are you struggling with an IVA? You could contact your IP administrator to see if they could come to an agreement with reduced payments first, or if not and you get a lump sum from somewhere try for F&F offer to them, or alternativley go BR as a last resort or else DMP but you will always then be at the mercy of the creditors until you pay off your debt.

Maz
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kallis3

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Post by kallis3 » Sun Aug 24, 2008 3:14 pm
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Hi Mick, and welcome.

As everyone has said, you can default by missing payments for three months, make a full and final payment - less than the total amount, but acceptable to your creditors, or pay everything in full.

If you can't afford the payments, then you need to speak to your IP and try to arrange a lower payment.

You really need to post us all your details so that we have a good idea of why you need to come out of an IVA.
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
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