I am at present in an IVA, I am a pensioner on a very low income, I get a private pension, but that covers the big bills, TV license, food, council tax etc. I am finding it impossible to pay £103 a month, can I cancel the IVA and come to arrangements with my creditors.
Were your circumstances taken into account when you took out the IVA? How long have you been in it and which company are you with?
Bear in mind that if you fail the IVA then interest will be added back on and you may end up worse off than before.
Speak to your IP in the first instance to see if they can do anything to help.
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
Anyone can fail/terminate their iva at any stage - just don't pay for 3 months.
Whether you should is an entirely different matter and you will be starting from scratch on everything.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi Catherine - please speak to your IP about your position. Perhaps a review may be in order and potential reduction. If you fail the IVA you will be back to square one, at risk of bankruptcy and paying money into your IVA pot for 3 years. How long has your IVA been going and how long have you got left? Perhaps someone can help you with a F&F settlement sum?
