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Terminating my IVA
Posted: Mon Apr 12, 2021 9:54 am
by sud
Hi There,
i want to terminate my IVA early.
Re: <t>Terminating my IVA</t>
Posted: Mon Apr 12, 2021 10:23 am
by kallis3
Can you explain further? Do you want to make a full and final offer or are you just looking to fail it.
Re: <t>Terminating my IVA</t>
Posted: Mon Apr 19, 2021 2:55 pm
by sud
I just want to make extra payments to the debtors by myself. I spoke to the IVA team and they agree to terminate my contract with them and inform me that the IVA will be terminated soon.do I need to worry about anything?my debt around £2900
Re: <t>Terminating my IVA</t>
Posted: Mon Apr 19, 2021 3:16 pm
by kallis3
Your credit record will be shot for 6 years regardless of the fact that you finished early. You can contact your creditors after that and try to make arrangments with them but bear in mind they may add on interest and charges which will make your debt larger.
Re: <t>Terminating my IVA</t>
Posted: Mon Apr 19, 2021 3:52 pm
by Foggy
That £2.9k remaining --- is that the remaining payments on the IVA or your actual debt ?
Re: <t>Terminating my IVA</t>
Posted: Mon Apr 19, 2021 4:00 pm
by kallis3
Good point - hadn't thought of that.
Re: <t>Terminating my IVA</t>
Posted: Mon Apr 19, 2021 5:18 pm
by sud
2900 is my current debt
Re: <t>Terminating my IVA</t>
Posted: Mon Apr 19, 2021 7:24 pm
by kallis3
How long have you been in your Iva?
Re: <t>Terminating my IVA</t>
Posted: Mon Apr 19, 2021 8:22 pm
by WallE
Who was your IP? I'm amazed an IVA was approved for that little (comparitively, I know it's a big deal to you) debt owed. The fees are likely more than the debt!