www.iva.co.uk

I have been in my IVA for one year and aster paying nearly 4000 pounds only 750 of that is going towards paying off my creditors is this right?? Is there any way of coming out of an iva agreement and going back to debt management as i may be getting more money so i can pay it off faster plus it will stop all the money going to the IVA agency?

The IVA supervisor would have drawn his/her fees before the creditors got any of the money. Its normal.

Yes you can letthe IVA fail by missing 3 months payments. That would put you into breach and then your IVA will fail.

Please remember though, in a DMP your creditors will always be free to start adding interest again and you will have no legalprotection.
If you are going to be earning more money then you would be able to increase your IVA payments and still have it paid off quicker without the stress of added interest.

Mrs Skint is absolutely correct and you should remember that in the IVA you will be debt clear at the end of the term and you are now under complete protection of the courts.

If you failed your IVA then the telephone calls and letters would start again and a DMP would not offer any guarantee of closure.

Not all companies will agree to freeze interest and charges, and there is always the possibility of them going for CCJ's and possibly a charging order if you own your own house.

Hi
There is a huge amount of work that goes into setting up an IVA, your IP is just reclaiming their costs before any monies go to your creditors.
Quite normal
Regards

In the first year the costs of the nominee (ie for setting up the IVA and getting creditors to accept it) are drawn down in priority to creditor payments. You will notice a much higher return to creditors over the following four years, so please do not worry about this it is absolutely correct.