How long does it take to cancel an IVA ?

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wez
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by wez » Fri Nov 03, 2017 9:01 pm
hi. how soon does an iva cancel if i write to cancel it to my iva company? am i immediately out of the IVA or does it take a few months?
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Foggy
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by Foggy » Fri Nov 03, 2017 9:21 pm
It will take a few months -- basically they will go through the same process as a successful completion -- except you get a termination notice rather than a completion notice.

You will then be back to square one with your creditors who will add back lost interest and be able to take whatever action they wish to enforce repayment. The IVA will remain on your credit files for the full 6 years and your credit worthiness will remain shot.

Might I ask why you are considering this action ?
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kallis3
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by kallis3 » Fri Nov 03, 2017 9:43 pm
I agree - why do you want out
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Lisa Thomas
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by Lisa Thomas » Mon Nov 06, 2017 11:36 am
Bear in mind if you fail the IVA you will be back to square one again and creditors can then take recovery action against you and add interest and costs to their debts. You may not be better off and could be at risk of Bankruptcy.
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