I am 2 years into a voluntrary IVA. If I wanted to leave it early would I just revert back to the original monthly payments I had set up with the creditors prior to entering into the IVA, and would I have to pay a fee to the people I entered into the IVA with for ending the agreement early?
Would you be offering a full and final settlement based on your remaining payments (plus possible 12 months if you have equity release). If you let it fail then you run the risk of creditors adding interest and late payment fees and you will be back to square one with your repayments to them.
Why do you want to finish early?
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
If you fail the IVA then creditors will be free to add, as Kallis has mentioned, lost interest and charges, so the debt may have actually increased by a fair amount. They will then also be free to take whatever collection / enforcement measures they deem appropriate. Some may revert to regular repayments, some may require immediate payment in full and some may take court proceedings.
You should not have to pay anything further to your IVA provider, unless your agreement with them says otherwise.
Your credit records will remain trashed for the forseeable future.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Echo thoughts of both Kallis and Foggy - unless you can clear it through full and final, or there are reasons you have not mentioned, you need to try and find a way forward... you are almost 50% through the 5 years - your record will remain impacted for another 4 years whatever you do.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
