Before I took on an IVA I started proceedings against my bank for mis-selling of an insurance. I completely forgot about it. It now looks as though I am going to receive settlement. I don' t know the best way forward. My IVA is for 12000. My original debt being about 20000. I am due a settlement of 14000. If the IVA take this money, I will not see any reduction in my settlement or anything. Am I able to ask for a list of my creditors, cancel the IVA and offer them payments myself. When I started the IVA I got a lot of letters from my creditors offering to help so I know they may still do this.
You can let your IVA fail, but why would you want to? You will still owe your creditors the full amount plus interest and charges if you do pull out of it.
It may be that you will be able to pay off your creditors in full, which has to be good.
Speak to your IP about your 'windfall'. You may find that the bank in question keeps the money to offset against their debt.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk