Canceling iva to give more money to creditors. Advisable?

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daniel990
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by daniel990 » Wed Jan 03, 2018 10:01 am
Can i try and discuss repayment of debts with my creditors and if they agree cancel an iva ?

I think this would be more beneficial for the creditors as they would receive more money from me than through IVA at the end of the agreed time period.
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Foggy
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by Foggy » Wed Jan 03, 2018 11:07 am
NO!

You cannot negotiate while in the IVA .. so would have to jump first ..... then .... they add back lost interest, so tyhe debt would increase. They can also enforce collection by other means if they see fit. They do not have to agree to any other solution you offer and you will lose all of the legal protection you currently have. Added to this your credit records will still be shot for the 6 years

There are only very few and limited situations where, having entered an IVA, you might be better off cancelling.
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kallis3
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by kallis3 » Wed Jan 03, 2018 12:42 pm
Agree with Foggy - personally I would let sleeping dogs lie and let the IVA continue.
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Lisa Thomas
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by Lisa Thomas » Wed Jan 03, 2018 3:23 pm
Nooooo!
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Ryan
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by Ryan » Wed Jan 03, 2018 3:30 pm
All I'm going to say is that with the IVA continuing there is a natural end point - when the Completion certificate is issued and the 6 year period from that start has elapsed your credit reports will be clear - if you were to fail the IVA this could lead to issues on your credit reports beyond the 6 years of the original IVA.

All the best though.

Regards
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