Exiting my IVA

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david608

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Post by david608 » Mon Aug 24, 2020 9:23 pm
Hi
I’m looking to exit my IVA as I’m looking to get a promotion at work which will increase my salary significantly. This will make the payments I make to my IVA company more than double based on my income.
Is exiting an IvA a good idea?

kallis3

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Post by kallis3 » Tue Aug 25, 2020 7:08 am
Firstly, wait until you get the promotion.

Secondly, if you let the IVA fail your creditors will add on interest and charges and you may find you end up owing more than before. If you continue you could end up paying your debts in full (plus fees and possible statutory interest) before your IVA is due to finish.

Your credit score will still b shot for six years from the start of the IVA.
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

Foggy

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Post by Foggy » Tue Aug 25, 2020 8:02 am
What do you mean by "exiting the IVA " ? Do you mean allowing it to fail, or making a full and final offer to close it, successfully, early ?

If a F&F, this should be looked at before any pay increase, otherwise the amount needed will increase along with your IVA payment.
If you are looking at simply walking away --- why ? You get to keep half the pay increase, so have a better standard of living and still get to deal with your debts. If you are planning to approach creditors to resume 'normal' payments, they may not be co-operative after having the IVA thrown in their faces.
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
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