4 years into IVA, I want to terminate it.

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mark197
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by mark197 » Sat Apr 28, 2018 4:36 am
Want to terminate Iva, 4 years in, didn’t pay in overtime and now in arrears, can not afford annual review amount, want to offer creditors payment plan. All fees paid, joint ownership of Home with Mum with equity?
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Foggy
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by Foggy » Sat Apr 28, 2018 7:32 am
mark197 wrote:
Want to terminate Iva, 4 years in, didn’t pay in overtime and now in arrears, can not afford annual review amount, want to offer creditors payment plan. All fees paid, joint ownership of Home with Mum with equity?


I would advise seeking a way forward with your IP. The arrears could be dealt with by way of an extension and the review amount should be affordable. Termination would lead to creditors adding back lost interest and possible charges -- the debt amount will increase significantly. They will also be free to pursue you for payment, including bankruptcy if there is a tempting amount of equity in the house.
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kallis3
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by kallis3 » Sat Apr 28, 2018 7:58 am
I agree with Foggy - you should be able to sort this with your IP.
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