Can I cancel IVA 6 months in?

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par
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by par » Wed Feb 14, 2018 12:43 pm
hi
i got IVA 6 month ago , and know i have access to some funds from my mother and i want to canel my IVA .

can i cancel my IVA and get to paid my creditor


need adivces please

kind regards
pa
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Foggy
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by Foggy » Wed Feb 14, 2018 1:30 pm
It is usually not good to cancel an IVA. You can, however, make a full and final offer (F&F) based on the payments you have left to make. This can be rounded down a little.

If you cancel the IVA there is no guarantee that your creditors will agree to any repayment you offer them direct and your credit record will still be shot for the next 5 and a half years. They will also add back lost interest and start charging interest going forward, as well as be able to take whatever measures they deem fit to get their money repaid.

How much was your original debt ? How much are your monthly payments ? Do you own or rent ? How much has your mum got available ?
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kallis3
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by kallis3 » Wed Feb 14, 2018 1:32 pm
Hi,

You will need to pay back your creditors in full plus interest and possible charges.
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Lisa Thomas
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by Lisa Thomas » Wed Feb 14, 2018 1:33 pm
Is you Mum still with us - are the funds coming from a windfall or as a gift to help you towards a Full and final offer?
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