Hi can I cancel my current IVA after 1 year and make repayments to my creditors by repaying them monthly for a fixed period of three years.The total is about 3200 for Tesco and 7000 for the RBS. Thanks
Why do you need to cancel it? You will be back to square one if you let it fail with all interest and charges possibly added on.
If you say it is only three years, are you in Scotland?
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
Tue Dec 10, 2019 1:47 pmFoggy wrote:
It is possible that, having thrown you one lifebelt, the creditors will not agree to reduced payments over the next three years.
Potentially even less negotiating power, as Tesco Bank accounts are rebadged RBS accounts.
That said, would they get a bigger return if you did it yourself? Ie, would you be paying back the entirety of your debt over those 3 years?
Hi! I used to work for one of the UK's biggest Insolvency Practitioners - I don't work for an IP anymore but still have an extensive knowledge of the IVA industry. How can I help?
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
