Hi, I'm in an Iva at the moment, it will be 5 yrs next march. I have had correspondence t say I have breached the terms. I think I have missed payments, they asked for further information and documents which was supplied. I couldn't afford the payments, my daughter was seriously ill so I wasn't working as much, I work as a career, then when I was ready to go back my client passed away so I had limited money coming in.
I didn't know the ins and outs of an Iva at the time, just seemed like a good idea i would be debt free in 5 yrs, I'm paying back exactly the same as what I owe.
I have since written a letter to terminate my arrangement as all that I was paying just seems to be fees, software updates and hardly anything going for the debts itself. I don't know if it's a wise thing to and then contact the companies myself,
Hi Sheila. I would say that it is not a wise thing to do, to cancel your IVA. The creditors will add back all of the lost interest and your debt will, in all probability, increase. Creditors will not be happy either and there will be no guarantee that they will co-operate going forward.
You are so close to the end !
Fee and such are as were agreed by the creditors, so if they are happy then you should be and not concern yourself unduly with who is getting what. as long as the agreed terms are being met.
You need to talk with your peovider to try to overcome this breach situation and find a solution. The horse has already bolted but you could have worked out a solution at the time of your difficulties, such as reduced payments or an agreed payment break --- you would have had to make the arrears up at the end, but at your pace, as agreed with your IP, rather than a panic to rectify a breach.
Depending on your circumstances, if the IVA does fail, bankruptcy or a DRO might be suitable, rather than a never ending debt management plan.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
