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?
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.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !