will my iva be over ?

[moxeyoz]

I've been in an "iva" now for 15 months and want out. How can i get out of my "iva". I was told when i signed up that when id finished paying off my car finance they would take possesion of my car. My car is worth between £11,000 - £14,000,and ive got £5,000 left to pay on my car. How do i come up with £5000 to pay my car off. I have £15,000 left to pay on my iva.Once it's payed off and the iva people take possesion off it,will my iva be over. All i need is £5000 and i'm debt free,who can lend me it.

[emma_t]

Hi there and welcome to the forum

As far as I am aware you can stop paying your iva at anytime and after 3 months of non payment your IP will consider this a reach of the iva and it would be terminated. Then you would be back to square one and still owe all the original amounts of your debts. Then you would have the options you had before the iva started.

I would wait around for an expert opinion as there maybe something someone can suggest trying instead of failing your iva, which would seem a shame after having paid into it for 15 months x

[MelanieGiles]

You seem a little confused about the nature of the IVA you have taken out and the treatment of the car.

Which IP firm are you with, and is there a balloon payment on the vehicle?

[Adam Davies]

Hi
Sounds like your car forms part of your IVA and the sale proceeds from this will be paid into your IVA along with your 60 monthly payments.
Can you post more details please