How do I get out of the IVA I have applied for

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andy426
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by andy426 » Tue Sep 04, 2018 9:44 am
Hi on Saturday I applied for an Iva all the paperwork was sent electronically within seconds which I signed I was then called by the company's underwriters then I signed again I have changed my mind about doing the Iva can I get out of this ?
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kallis3
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by kallis3 » Tue Sep 04, 2018 10:06 am
If you have not had a meeting, just contact your company and say you no longer wish to go ahead. Is there any reason why?
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andy426
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by andy426 » Tue Sep 04, 2018 10:10 am
kallis3 wrote:
If you have not had a meeting, just contact your company and say you no longer wish to go ahead. Is there any reason why?

I have done this they said it could take up to 72 hours is this right
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kallis3
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by kallis3 » Tue Sep 04, 2018 10:19 am
I don't know which company you are using but get in touch now and say you are not interested anymore and you want it cancelling immediately. Again - is there any reason you don't want to go ahead?
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andy426
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by andy426 » Tue Sep 04, 2018 10:24 am
kallis3 wrote:
I don't know which company you are using but get in touch now and say you are not interested anymore and you want it cancelling immediately. Again - is there any reason you don't want to go ahead?

Just feel it’s not the right thing to do
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andy426
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by andy426 » Tue Sep 04, 2018 10:24 am
andy426 wrote:
kallis3 wrote:
I don't know which company you are using but get in touch now and say you are not interested anymore and you want it cancelling immediately. Again - is there any reason you don't want to go ahead?

Just feel it’s not the right thing to do

I have emailed them should I ring them or wait
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kallis3
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by kallis3 » Tue Sep 04, 2018 10:26 am
How much debt are you in? You could always think of a DMP or a DRO if you have no assets to protect.
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kallis3
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by kallis3 » Tue Sep 04, 2018 10:27 am
I would ring and email if you are sure you want to do this.
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andy426
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by andy426 » Tue Sep 04, 2018 10:55 am
kallis3 wrote:
I would ring and email if you are sure you want to do this.

I’ve done both now thanks for your help I have no assets my debt is over 30k
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kallis3
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by kallis3 » Tue Sep 04, 2018 12:06 pm
You could also consider Bankruptcy if you feel you cannot cope with your debts.
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Lisa Thomas
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by Lisa Thomas » Tue Sep 04, 2018 2:32 pm
Yes you can cancel but bear in mind you may still have to pay some of the costs incurred to date, depending on the terms you agreed to.
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andy426
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by andy426 » Tue Sep 04, 2018 2:37 pm
Lisa Thomas wrote:
Yes you can cancel but bear in mind you may still have to pay some of the costs incurred to date, depending on the terms you agreed to.

Thanks for your help
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andy426
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by andy426 » Tue Sep 04, 2018 2:48 pm
Lisa Thomas wrote:
Yes you can cancel but bear in mind you may still have to pay some of the costs incurred to date, depending on the terms you agreed to.

What sort of fees would I have to pay how much ?
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Lisa Thomas
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by Lisa Thomas » Tue Sep 04, 2018 3:11 pm
As I said it depends on what terms you agreed to - you need to check any engagement letter/documents that you signed.
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Foggy
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by Foggy » Tue Sep 04, 2018 3:20 pm
Most firms do not charge at all if you are rejected or otherwise back out ... but some do and. as Lisa says. it will depend upon what you agreed to when engaging the firm and how much work they have actually done thus far.
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