I am currently in an iva only been in a year and I am paying a lot into it however i have 2 debts which are not in the iva and I am thinking about setting up another iva with all debts in also a lower monthly fee can someone help me out here I have not made a payment for 4 months then they took money out now I have told my bank to stop all payments to my IVA with immediate effect.
Can I stop this one and set up another one or not or is there an alternative way can someone give me a option because my IP is useless I have tried to terminate the iva but still I have had no termination certificate..
Firstly, why weren't these debts included? Are they new ones?
You will have to let this one fail before you look at another one but why are you struggling to make the payments? Do you need to resubmit your I&E?
Which company are you with?
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
These debts should have been included and their omission, depending on the reasons, might be cause to fail the current IVA. Otherwise you can force a termination by not paying for three months.
If your I&E was calculated correctly your payment should be similar whichever company you go with, assuming they are reputable.
Failing this IVA will not guarantee that your creditors will agree to another one -- you will have to explain the circumstances behind this one.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
