Am I able to cancel my IVA and offer payments myself to creditors?

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pam3019

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Post by pam3019 » Thu Sep 02, 2010 9:04 pm
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.
 
 

kallis3

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Post by kallis3 » Thu Sep 02, 2010 9:21 pm
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
 
 

Lisa2009

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Post by Lisa2009 » Thu Sep 02, 2010 9:34 pm
I completely agree with Jan!
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
 
 

MelanieGiles

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Post by MelanieGiles » Thu Sep 02, 2010 10:30 pm
And so do I!
Regards, Melanie Giles, Insolvency Practitioner
 
 

pam3019

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Post by pam3019 » Fri Sep 03, 2010 3:24 pm
thank you for reply's. My bank is not one of my creditors, so they will not keep the money. I will put it in the hands of my IVA.
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