Can I cancel my IVA?

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Post by jean821 » Wed Jan 30, 2019 9:57 pm
Following my creditors meeting at which my IVA was approved, I have unfortunately signed the agreement. However, I feel that perhaps I wasn't given all the facts. I didn't realise until afterwards,when oking at sites on the internet, that I have to account for every 1p I have and will not have any cash to put away for emergencies which often occur as I live in a caravan. I also didn't realise that I cannot pay monthly into a prepaid funeral plan and as I am 69 this year I am very distressed about this. My question is, is it too late to cancel the IVA and if I do what are the consequences of same?


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Post by luluj » Wed Jan 30, 2019 10:26 pm
If you have signed and returned your chairman report following the creditors meeting you are now too late to cancel.
However, you could just not pay for 3 months, a breach would occur and your iva would must likely be failed by your IP.

Your allowances in your iva are set based on affordability against your income that you have declared. Non- essential extras such as funeral plans will not be an approved expenditure item .. if you can save sufficient from your allowances then there is no reason why you can't pay towards a funeral plan.
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Post by Foggy » Thu Jan 31, 2019 7:58 am
If you allow the IVA to fail, what are your plans to pay the debts ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Thu Jan 31, 2019 10:46 am
I'd be happy to chat to you to advise on whether the IVA was the right option for you.
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: ... Z5k9ZcC2MA 01752 786800
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