How can I cancel my IVA?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


User avatar
Posts: 1
Joined: Thu May 16, 2019 2:43 pm

Post by paul172 » Thu May 16, 2019 2:43 pm
I am unhappy with my iva firm,they have messed up my payments 3 months on the run,I would like to cancel it but 1 of my debts is in joint names with my wife, how does this work?


User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu May 16, 2019 4:18 pm
The debt that is in joint names your wife should be paying anyway, so little will change there, except it will become joint again. The other debts could increase as creditors will add back lost interest and charges. They will then be able to chase you for repayment as they see fit.

Terminating an IVA is rarely a good move, but, to do so, stop paying and after three months the IVA will be failed. It will take another few months to get the termination papers, but your credit will still be shot until the 6th anniversary of the start date.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


User avatar
Forum Expert
Posts: 11333
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Thu May 16, 2019 7:00 pm
I would try to resolve the situation with your IP foggy explains the impact will remain the same for 6 years anyway
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”