Can I cancel my IVA and go with another company?

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christopher514

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Post 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

Foggy

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Post 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 ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Tue Nov 13, 2018 5:57 pm
I agree - you will have to fail your IVA and start again.
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

Lisa Thomas

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Post 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.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

kallis3

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Post by kallis3 » Wed Nov 14, 2018 11:44 am
How did you manage to get credit?
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
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