www.iva.co.uk

I have an IVA, it’s been running about 2 years. I originally signed up with vanguard but recently I have emails from ebengate. I’ve not received anything from vanguard saying they were changing. Can I get out of an IVA?

Vanguard are still your supervising firm, as far as I can tell, but they have farmed out the actual administration to Ebenegate, which, so far, has not been going well. I can sympathise with your wish to jettison then IVA in these circumstances. However, it is rarely a good move. Creditors will add back lost interest and could re-start collection proceedings. Your debt could have actually increased !

To cancel the IVA you will need to either instruct your IP to close it, or allow it to fail by missing three payments. You might be able to start a new, different, solution, according to your circumstances, even a new IVA. But you would be at the mercy of creditors.

The IVA, even if failed, will remain on your credit record for another 4 years.

Thanks, what about a F&F settlement? I’m 2 years in and current paying £200 per month. They are currently trying to get me to switch to RCMP’s which I am reluctant to do as I won’t have control of what money they take or when.

If you signed up to a DD or SO you do not need to change to a card payment and they cannot make you change - don't let them bully you.

A F&F, assuming 3 years to go, would be based on £7,200 ( or an extra 12 months if you are a homeowner - so £9,600 ).

With most firms I would suggest an offer in the region of £6k (or £8k if a homeowner) --- Ebenegate are an unknown quantity.