www.iva.co.uk

Does any one know the procedure an IVA company must take prior to terminating your IVA? I have arrears but are still paying a regular amount in each month. I did have a deault from them which is now followed with a variation meeting to reduce payments.

Hi Howard...if your IP firm are proposing a variation for you it doesn't sound as if they are terminating it just yet. The procedure for termination would follow if the variation was rejected and there was no agreement on how to rectify the breach and continue with payments at their current level. Good luck for the variation...fingers crossed xx

Thank you for the reply. I am still on track with IVA it has been 3 years this month. I just wondered if they have to give you notice first to rectify arrears before they terminate it.

I believe they do.

Sounds hopeful if they are going to hold a meeting - if you're paying off your arrears then you may be ok.