Get expert opinion. This is the place for new questions to be posted.
Robdm77
Posts: 1 Joined: Wed Sep 10, 2014 5:05 pm
I have major regrets about my iva- it has impacted on my life far more then my debts ever did.
relieved33
Posts: 1166 Joined: Mon May 18, 2009 7:22 pmLocation:
You would become liable for the debt and interest. What is unworkable? If your situation has changed, speak to your IP and ask for a review.
Foggy
Posts: 33396 Joined: Fri Dec 17, 2010 11:14 amLocation: United Kingdom
Contact
If you cancel the agreement creditors would add back lost interest as Relieved says. They would then be free to pursue you as they deem fit.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
luluj
Forum Expert
Posts: 11333 Joined: Sun Dec 09, 2007 6:54 amLocation: United Kingdom
Work with your IP to review your payments and ensure it has been assessed against income and expenditure fairly.
Last edited by
luluj on Thu Sep 11, 2014 4:57 am, edited 1 time in total.
Sharing from experiences of dealing with debt
Daviddw71
Posts: 17 Joined: Thu Aug 28, 2014 7:42 am
An iva is meant to be a solution not an unbearable burden. Early on in my iva I realised the payments were too much and after submitting a re-drafted income and expenditure list to my IP it was put to a vote of creditors who accepted a lower monthly payment which I then kept to. To come out of the iva has serious consequences. The debts would still exist. Do you want to go bankrupt? Or face alone all those creditors?
