Can I cancel my IVA and go with another company?

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christopher514
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by christopher514 » Tue Nov 13, 2018 4:51 pm
I'm already in an IVA and have been for about 4 months am I able to cancel my IVA and go to another company and will my creditors accept a new IVA. I've taken out other credit after my IVA for car emergencies and struggling to repay these and the IVA won't let me include these already. If I go to a new company can I do this
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Foggy
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by Foggy » Tue Nov 13, 2018 5:22 pm
No, you cannot cancel and move to a new company. You can allow the IVA to fail (or, indeed, they might just fail it for you, as you might have broken the terms). Whether the creditors will accept a new proposal will be up to them. You would be back to square one.

How much extra credit are we talking about ?
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kallis3
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by kallis3 » Tue Nov 13, 2018 5:57 pm
I agree - you will have to fail your IVA and start again.
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Lisa Thomas
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by Lisa Thomas » Wed Nov 14, 2018 11:26 am
No you need to work with your IP to see if perhaps you can reduce your payments or postpone a few payments to pay the new credit off (assuming the breach isn't cause for failure outright) and try to rescue your IVA.
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kallis3
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by kallis3 » Wed Nov 14, 2018 11:44 am
How did you manage to get credit?
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