hi, if i set up an iva and then decide its not wright for me is their a cooling off period.
Basically i just want to know if it can be cancelled once set up.
Usually, as soon as you agree an IVA then it is set up and legally binding.
You can adjourn the meeting for up to fourteen days if there are modifications you don't agree with, otherwise, once you accept it then that's it.
Do you have some problems?
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
Hi Thomas. Once the IVA has been presented to creditors an d agreed you (and they) are tied in for the duration. You could, however, allow the IVA to fail, which would put you back to square one.
The best option is to gen up as much as possible BEFORE committing yourself. Pop over to www.iva.com and have a word with a few of the firms reprresented there. The advice is free and without obligation at this stage.
Ask any questions you wish here and we will do our best to assist.
Knowledge is power !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
No cooling off period once the IVA has been accepted by creditors, but plenty of time whilst it is being prepared to have second, third and fourth thoughts. Entering into an IVA is a very important decision, so do make sure that you are entirely happy before making the commitment.
I have been in a debt management plan for 3 years paying in £275 per month but realised hardly anything was coming of the balances so I decided after a long chat with my dm company that an UVA was the best solution, my iva was sucsessful as of 06/12, I have since received paperwork through and was shocked when I saw information on my iva would be put on a publicly available site, I was never ever made aware of this and had I have known or been made aware I would have not pursued an iva and stuck to the dm plan.
I also think I have been pushed in to it rather than my best needs being assessed, maybe it's me being silly I don't know but now it's set up I just don't like the idea on would prefer to have stayed on the dm plan. Their was no modifications just the brokers fee. Would I be declared bankrupt if I fail the Iva or could I contact crediters to renegotiate, my iva company are not really helping me address this issue. All comments really appreciated good or bad.
Most people dont know the Insol register exsists - however as the Law stands - peoples details need to be on there.
As uncomfortable as it is - if you need the IVA route - and its the better option for you - then it has to be done.
You of course can fail your IVA - by non payment - but you may find in between this and setting up another DMP - creditors will add charges /interest etc
I really don't want to fail the plan as in 3 years of being on dm I never missed a payment but just found I wasn't getting anywhere, my main issue is had I been informed of the register I wouldn't have persued the iva, they only told me once the plan was set up. I am going to contact them today and hopefully get some clarity on it thinking about it dm is the better option as it's more flexible but obviously I will have to pay more back, the iva only rights off 20 percent of my debt I don't think the sanctions placed on me justify the saving, I just wish I wouldn't have rushed in. Does anyone know if I fail the plan would my name be taken of th register.
It will come off, but as ginger says, it will stay on your credit record. You will also be making payments in your dmp for a lot longer than with an iva and there is no guarantee that interest and charges will be frozen.
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
Hi Thomas - are you absolutely sure you want to come out of the IVA? As much as comitting to one is an important decision, so is coming out of one once you have had it accepted. Make absolutely sure it is in your interests to fail the IVA. Ask yourself what your priorities are, what your end goal is and what impact each choice will have on you. Does it really matter that your name is on a list that someone can see if they choose to go on it and search for your name?
I am concerned that you have been allowed to get to this stage and only now these concerns are coming up - don't let the same happen and regret it once you are back in a DMP.
Keep us posted how you get on,
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Thanks for the kind comments, thanks for taking time to respond, I really wasn't made aware of any of the finer detail of the iva, for example my salary is bonused quarterly so when 50 percent of that is taken the iva saves me nothing but i didn't find this out until the plan had been activated, I would be better paying this additional money in to the dmp and wouldn't be declared insolvent then. I have called them today to aire my concerns but I am not filled with much hope as I don't seem to be getting my point across, I have not made my first payment yet so I am just looking in to the legalities of staying on my dmp and ending the iva it's only been active since Monday. I think I have been rushed in to this plan and not been given adequate thinking time. Thanks again for your comments
If you really are unhappy Thomas and aren't getting anywhere with your IP you can go the the regulatroy body for your IP company and discuss your concerns with them but act quickly before you are behind on your payment.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
If I choose to stick with my dmp and keep paying my monthly payment to them rather than the iva am I correct in saying my iva will fail but my dmp will continue as it is and I won't become insolvent and have my details put on The insolvency register.
I wish I would have asked more questions rather than be guided down the wrong path so I suppose I am just as much to blame, I called my ip today and aired all my concerns I was promised a call back with some info to put my mind at ease but no call back. I am thinking I may have to see a solicitor, it's not just the register, when you look at the figures I am not really that much better of and if u earn any more money or get my bonuses I won't be any better of. I wish I would have found this forum and site before I entered in to the contract. Any advise is greatly appreciated positive or negative.
You will still be insolvent as you cannot meet your contractual payments but you won't be on any register.
Why do you have a problem with the register? Whilst it's not good that we're on a public register, there are very few people who know about it and you can rest assured that at the end of your IVA you will be debt free.
With a DMP this can continue on for a long time and your creditors can continue to contact you during this period.
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
