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Posted: Sun Nov 27, 2016 5:05 pm
by Roger.r
Am I able to come out of the IVA and going back to the creditors and paying them?
Posted: Sun Nov 27, 2016 5:09 pm
by Foggy
You can allow the IVA to fail -- but this would result in your creditors adding back lost interest and possible late payment charges -- your debt would increase quite a bit ! Then you would have the worry of creditors being able to take enforcement action.
It is very much a "frying pan and fire" situation!
Why do you want out of the IVA ?
Posted: Sun Nov 27, 2016 7:56 pm
by kallis3
Hi, yes you can but why would you want to?
Posted: Sun Nov 27, 2016 11:04 pm
by Michael Peoples
You could be made bankrupt if you fail the IVA so be careful. As the others say why do you want to?
Posted: Mon Nov 28, 2016 10:14 am
by Lisa Thomas
I wouldn't recommend it - you are at risk of Bankruptcy and potentially losing any assets that you were allowed to keep in the IVA.
Why do you want to terminate your IVA?
Posted: Mon Nov 28, 2016 6:41 pm
by neverending
Hi
Generally bankruptcy is unlikley unless you have assets that can be released. Think hard about failing your IVA, you will be back to square one, your credit file will be affected for the remaining balance of six years and you will be dealing with debt collection agencies who will be very hard work in the early stages. You will also be open to legal action/charging orders
Can you say why you are considering going back to dealing with your creditors directly ?
Regards
Posted: Tue Nov 29, 2016 9:28 am
by Lisa Thomas
Also you might have to pay 3 years worth of contributions in Bankruptcy.
Your credit rating will be affected for 6 MORE years.