Due to a favourable change in financial circumstances, would I be able to cancel my IVA plan and rearrange agreed payments to my 3 creditors? Would I then still have to pay my IP or will that be canceled as well?
You can cancel the IVA by missing three payments. Whether there are any fees you will be liable for will depend upon the agreement you had with your IP.
Your creditors will add back lost interest and possible late payment charges. They might be less willing to agree a payment plan, but might still agree as it is an easy way for them to get more of the debt repaid.
The IVA will remain on your credit files for 6 years from the start and your IP might still chase PPI.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
