How do I cancel my IVA?

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

nichola102

User avatar
Posts: 1
Joined: Mon Jul 30, 2018 6:37 am

Post by nichola102 » Mon Jul 30, 2018 6:37 am
Hi i have taken out an iva which is £100 a month i relise i cannot manage to do this how can i cancel it please

kallis3

User avatar
Forum Expert
Posts: 74306
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Jul 30, 2018 8:10 am
You can let it fail by not making payments for 3 months - let your IP know what you are planning on doing. It will remain on your credit record for six years.

Is there any particular reason you can no longer afford it?
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

User avatar
Forum Expert
Posts: 28587
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Jul 30, 2018 8:51 am
Why can you not manage these payments? Were your income and expenditure incorrectly calculated or is your spending out of check ?

If you cancel the IVA / allow it to fail, the creditors will add back lost interest and your overall debt could well be more than it was when you started. Have you got a plan for dealing with the debt now ?
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

Shaun Vickery

User avatar
Industry Expert
Posts: 770
Joined: Tue Feb 12, 2013 8:32 am
Location: United Kingdom

Post by Shaun Vickery » Mon Jul 30, 2018 10:35 am
I would be concerned about letting it fail for the same reasons as Foggy. I'd suggest talking to your IP to see if there are any alternatives.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”