I am in an IVA which is not meeting my needs in terms of the repayments I need to make. Can I have it cancelled and a fresh one started with another company that takes into account the extra payments I need to make ?
It depends on the nature of these extra payments as to whether the creditors would accept them -- not the IP. You could terminate and find yourself back in the same boat, but a lot worse off !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I see from a previous thread that you have been on a payment holiday. Have you managed to find another job yet? Speak to your IP company to see if they can do another I&E for you if you are struggling.
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
If so the I&E should be reviewed to reflect this. You need to speak to your IP.
Purposely breaching and failing your IVA will not help you. You will be back to square one again, have no gurantee that creditors will accept a second IVA having failed this one, be at risk of Bankruptcy and potentialy even if they accept a second IVA they might want you to pay for a longer length of time.
Plus your credit rating will be affected for 6 years again from the start of any second IVA approved.
You really need to speak to your IP to work out why you can't afford the payments and if they can be reduced, either with their discretion or by creditor approval.
