www.iva.co.uk

Can I cancel my IVA if my circumstances have changed and go back to paying my creditors as I had before? And how do I do this? Will my credit score go back up if this is the case and will the money I have paid in to the IVA be taken of the amount I owe?

If you cancel the IVA creditors will add back lost interest and charges and are able to enforce collection. Most of what you have paid so far will go in fees and your debts will actually have increased. Your credit score will not go up until the 6th anniversary of the start of the IVA regardless and could even be made worse, for longer, by creditors collection procedures.

It is rarely a good idea to cancel once an IVA has been started as you will be losing the protection you now have.

Might I ask why you are considering this ?

I was under the impression I could get a new car on finance when mine comes to an end but was turned down for finance -do not feel this was made clear it would happen

Did you ask the specific question ? Apart from the fact that your credit record is trashed, you would also need permission from your IP. Although most car deals cannot be re-financed at the end of the deal, some are ( rare but it does happen) . Your IP cannot know who will and who won't re-finance.

But .... the damage has been done and will not be corrected in any way by cancelling the IVA, and, as described earlier, could be made worse.

Your creditors can add on extra interest and charges so you could be worse off.
As stated - your credit record is trashed regardless.