How do I cancel my IVA?

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nichola102
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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
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kallis3
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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?
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Foggy
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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 ?
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Shaun Vickery
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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.
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