I can afford repayments now - how do I get out of IVA?

[christine521]

Hi, I entered into an IVA last year during a period of self-employment. I am now employed again and in a position to continue with my original loan repayments. How can I get out of the IVA?

[Foggy]

You can allow the IVA to fail by missing three payments, or simply requesting termination. The process will take a few months after it kicks in and your credit record will remain shot until the 6th anniversary of the start, regardless.
Added to this your creditors will add in lost interest and possible charges and the debt could increase substantially. They are also not bound to co-operate, going forward and might enforce full payment, rather than allowing the debt to continue as it was before the IVA --- on the other hand they might do as you wish.
Terminating an IVA is a gamble.

[Lisa Thomas]

Remember all the payments you have made to date will likely be lost in costs.

You will be back to square one again and could be at risk of Bankruptcy/recovery proceedings from creditors.

They do not have to accept repayments from you.

With the IVA, if you maintain your repayments they are all locked in and bound by it.