Can we cancel the IVA?

[rachael558]

hi so so scared me and my husband took out an iva wish we never did was literally talked into it my husband has serious health problems his had a quadruple heart bypass done 4 years ago but not his got heart failure his 70 next year im 52 i work but due to covid 19 i can only work part time as looking after my husband too its a hige strain on both of us i would lile to ask a couple of questions 1/ we tired to take loan out against the house as we found a loan company that pays off iva we owe £15,000 on iva been in it a year spoke to handover and they told us the repayment is £20,000 we was shocked apparently they have interest in house been here 30 years 2/ we are on interest only mortgage have 3 years left so we decided to phone mortgage company and change to repayment they told us can not be accepted as iva in way please do not tell us to downsize we love this house we are at our wits end 3/ can we cancel iva and go to debt management i can phone the companies i owe debt to and explain the situation please please help im doing lottery like mad but not winning anything please help can we cancel on grounds of my husband’s health but then would they put it in my name any help

[MrMole]

Hi. I know it's stressful but have you tried talking to your IVA firm? Most of them will do whatever they can to help you, including a review of your situation/payments etc. If you are finding it hard to manage.

All the best.

[size5]

Hi,

A lot will depend on the specifics. As you are homeowners, it does really look like IVA or DMP.

Talking to your I.P. is always the best first bet. Can he or she reduce your payments to help you cope a little better? If the IVA really cannot be saved, how much extra time will a DMP take? Do you have any aggressive creditors that may go after the property if the IVA fails? Your I.P. should be able to advise on all these, but do come back if you are still worried.

Regards.

[Foggy]

I can only echo the advice already given --- first port of call would be a frank chat with your IVA provider. Cancelling the IVA will not help with the mortgage side of things as the IVA will stay on your credit files, putting a spanner in the works for 6 years from the date you started it and a DMP payment will be pretty much the same as an IVA payment, but for, probably, much longer. Hopefully your IP can make the IVA payments more manageable.