Can I cancel my IVA?

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jean821
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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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luluj
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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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Foggy
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by Foggy » Thu Jan 31, 2019 7:58 am
If you allow the IVA to fail, what are your plans to pay the debts ?
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Lisa Thomas
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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.
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