Can I end my IVA?

[brush1]

I have been in an IVA for 5 months I now want to leave and go back to paying my debt myself as I feel it has not been the solution I hoped it would be, will I be able to do that , will I have to pay the company fees and can I just contact my lenders to restart payments ?
Thank you.

[kallis3]

You can by letting your IVA fail by missing three payments. Your credit record will still be shot for six years and you can negotiate with your creditors but they are not obliged to freeze interest and charges and you may end up owing more. Do think carefully about this.

[brush1]

Thank you , yes I am aware it won’t improve my credit rating but I have lost trust in them as they misled me about how it would affect my husbands credit rating. One of the creditors has put a default on my husbands account for a joint loan which we have never missed a payment on and have continued to pay monthly despite my being told more than once that my husbands credit file would not be affected. I feel that can manage the debt and hopefully have the default removed from his account as it seems that it has been defaulted incorrectly as no payments were missed.
The payment for IVA is a continuous card payment so I am not sure how to cancel that. I also hope to do irresponsible lending complaints on some of the debts.

[brush1]

Can I ask if I allow the IVA to fail then contact my creditors or should I contact them fist to set out a payment plan
the cancel the IVA ?
Thank you.

[luluj]

Any joint accounts or finances with your husband will be negatively impacted by the iva.

Whether you end your iva now or not, the impact is there I'm afraid for the full 6 years.

Think really carefully before ending your iva - you could be far worse off then before.

Personally I would see it as a 5 year loan of which you are almost half way through your first year... in 5 years time you will be debt free.

A debt management plan may take double that and still not be cleared.

If you feel you were misadvised you can lodge a complaint, but I very much doubt unless you have it writing you will get anywhere on this occasion.

[kallis3]

I agree with luluj - regardless of what happens now both yours and your husbands credit ratings are shot.

If you do want to contact your creditors, you need to wait until after your IVA fails.