Can I cancel my IVA

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1

deborah446

User avatar
Posts: 2
Joined: Sat Mar 13, 2021 2:56 pm

Post by deborah446 » Sat Mar 13, 2021 2:56 pm
Can I cancel my IVA if my circumstances have changed and go back to paying my creditors as I had before? And how do I do this? Will my credit score go back up if this is the case and will the money I have paid in to the IVA be taken of the amount I owe?

Foggy

User avatar
Forum Expert
Posts: 32304
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Mar 13, 2021 4:26 pm
If you cancel the IVA creditors will add back lost interest and charges and are able to enforce collection. Most of what you have paid so far will go in fees and your debts will actually have increased. Your credit score will not go up until the 6th anniversary of the start of the IVA regardless and could even be made worse, for longer, by creditors collection procedures.

It is rarely a good idea to cancel once an IVA has been started as you will be losing the protection you now have.

Might I ask why you are considering this ?
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

deborah446

User avatar
Posts: 2
Joined: Sat Mar 13, 2021 2:56 pm

Post by deborah446 » Sat Mar 13, 2021 5:59 pm
I was under the impression I could get a new car on finance when mine comes to an end but was turned down for finance -do not feel this was made clear it would happen

Foggy

User avatar
Forum Expert
Posts: 32304
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Mar 13, 2021 7:26 pm
Did you ask the specific question ? Apart from the fact that your credit record is trashed, you would also need permission from your IP. Although most car deals cannot be re-financed at the end of the deal, some are ( rare but it does happen) . Your IP cannot know who will and who won't re-finance.

But .... the damage has been done and will not be corrected in any way by cancelling the IVA, and, as described earlier, could be made worse.
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

User avatar
Forum Expert
Posts: 76536
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Mar 14, 2021 1:57 pm
Your creditors can add on extra interest and charges so you could be worse off.
As stated - your credit record is trashed regardless.
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
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”