I have paid approx. over £4000:00 to a company over the last 3 years for an IVA. but no payments have been made to creditors yet it has gone to administration by the company. Can I get out of this as I could have settled the debt with what ive paid out
Hi. With that level of repayment the creditors will get very little -- but that is what they agreed to when they accepted the IVA.
If you cancel the IVA they will add back the last three years interest and possible late payment charges and your debt will be substantially more.
You are over half way now, and enjoy protection from added interest and collection action.
However, if you are saying that your total debt was less that £4000 I question whether an IVA was the right solution in the first place. Who are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
