www.iva.co.uk

Hello, can i ask a question. I am one year with IVA and I want to cancel IVA. I have a debt of about 10K. I want return back my debt with all interest and I want to pay my debt myself. Now I can pay my debts myself without an IVA. Is it even possible? Or my credit companies can refuse return back all my debt with interest? Thanks

P.S. I do not want take credit in future, I just want pay my debt myself without IVA, because IVA control me,

You can cancel the IVA by asking your IP or missing three payments. Creditors will add back lost interest and your original debt could now be more. The creditors cannot refuse the cancellation, but they would be allowed to enforce collection of the debt as they see fit, which could include making you bankrupt. They may or may not co-operate.

You say that you can now repay the debt --- is that by resuming monthly payments or with a lump sum ? If a lump sum your IP would be interested in where that is coming from as they will be looking at recovering as much of their own fees as possible.

Thank you for answer, IVA knows my income, I show my income to them, and IVA has increased my monthly payment. Why should I pay IVA if I can pay my credit companies.

Can I ask? Where can I see how much IVA paid off my debt and how much debt is left, please? Credit companies don't send me anything.

Your IP will be able to tell you how much has been sent to each creditor --- It will not be much at all as the nominee fee for preparing the IVA is paid first. After the IVA has failed you will need to ask each creditor what the balance of the debt is and arrange payment terms with them.