Can I cancel an IVA after signing the proposal?

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holly552

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Post by holly552 » Sat Aug 07, 2021 9:21 pm
Can I cancel an IVA after signing the proposal and documents but before the creditor meeting and its all approved? I have signed with the iva advisor I've read through the documents I signed but can't see anything about cancelling in this situation, I don't think I want to go ahead and I've just rushed into it, almost sold it.

kallis3

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Post by kallis3 » Sat Aug 07, 2021 9:35 pm
Yes you can cancel it. Let your provider know asap.

Will you be able to manage your debts on your own?
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

holly552

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Post by holly552 » Sat Aug 07, 2021 10:05 pm
What is the best way to let the provider know this and ensure the creditor meeting dinitely doesn't go ahead nor does the iva? Letter, email, phone call...
My debts total around £7,000 so after consideration I feel like I've jumped the gun a bit and panicked almost due to a bailiff letter through my door and I just wanted it to go away but in reality I know I can make arrangements to settle the debt. As for the rest of the date I do currently have some plans set up so its just a case of gathering the rest and coming to an agreement with the remaining.
I feel as though I've just buried my head in the sand, I've let my debt get out of control due to just being so anxious but not actually helping myself by just picking up a phone and coming to an arrangement, it'll take a lot of willpower but I'm sure it'll be more beneficial to myself. I have 12 days until the creditor meeting is that more than enough time to cancel the proceedings?
Also am I liable to any charges for not going through with the iva?

kallis3

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Post by kallis3 » Sun Aug 08, 2021 7:16 am
Phone them and follow it up with an email and ask them to send you a confirmation that you have cancelled.

Yes, £7k is a small amount in the overall scheme of things and hopefully you will be able to negotiate payments with your creditors. If not, speak to someone like Stepchange to see about setting up a debt management plan.

As a matter of interest, who is the company that said you were eligible for an IVA?
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

holly552

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Post by holly552 » Sun Aug 08, 2021 7:28 am
Thank you for your information.
The IVA advisor ltd is the company I'm dealing with.
So just to confirm because I'm having a panick, if I have requested them to stop the process and have proof I've requested and they've said they will do this, I should have peace of mind nothing else will come of this and I'm not going to end up with an IVA on my file?

kallis3

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Post by kallis3 » Sun Aug 08, 2021 7:41 am
You should have no problems at all if they have acknowledged that you don't wish to proceed. Remember though, that if you proceed to make arrangements with your creditors, it will still impact on your credit record.
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

holly552

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Joined: Sat Aug 07, 2021 9:21 pm

Post by holly552 » Sun Aug 08, 2021 7:46 am
Thank you, yes I'll be ensuring to make plans with all creditors. Fingers crossed I can get back on track!
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