www.iva.co.uk

Can i cancel an iva once it's set up?

hi iri and welcome
if your iva is in place it is extremely hard to get out of. the only way is to miss 3 payments and then your iva would be in default and your ip could petition for bankruptcy for you.
are you able to say why you want out of the iva ? maybe we can help [:)]

I find this a slightly odd post. It seams from the question that the gravity of living with an IVA has'nt been properly understood.

It is designed to help you become debt free, but only if you are willing to commit to the principle of it a hundred percent. If you don't do this it will fail.

There are many people wo come to this forum for comfort, advice and reasurance. I don't know your circumstances, but being approved for an IVA is a very real opportunity to completely adust your life so that you live properly within your means and not to whatever may appeal at a moments whim.

Please don't take my comments personally. But an IVA is a real life line to people in real hardship.

we wont know for sure john til iri posts again.
i totally agree with your logic.
maybe they are frustrated with the ip and only speaking with the call centres we shall have to wait and see if they post again.

To answer the specific question - yes you can. Just stop paying the payments, but remember that your creditors will start harassing you again once the IVA is closed.

You can also finish it by paying off your creditors either in full or making a full and final offer.

Are you struggling with your payments? If so, perhaps a phone call to your IP might help?

Well said johnt.

Hopefully my iva will be up and running soon, and I totally look at it as a second chance and a lifeline.

I want to pay back what I owe, I did spend it, and as long as I am able to, i will pay into my iva.

Obviously no-one knows what the future holds, but for now, I feel grateful that Melanie and her team are working hard behind the scenes to sort out my self inflicted financial mess.

I agree an IVA is a lifeline if its set up properly. That can be a big IF and not necessarily the fault of those in debt.

If iri wants to cancel because he/she has changed their minds, then stopping payments will mean the IVA will fail. I agree with FD, if iri posts again and gives more details, we'll be able to help.