Reversing an IVA

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Brock
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by Brock » Tue Jan 15, 2019 1:14 am
Hi I entered into an IVA about 5 months ago after losing my job and getting in over my head with debt. Now however I am in a really good position, have made every IVA payment and have enough to clear the debts I had before .my IVA was put in place.

Is there any way I can finish my IVA early and gave it removed from my credit file early?
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Foggy
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by Foggy » Tue Jan 15, 2019 7:51 am
Brock wrote:
Hi I entered into an IVA about 5 months ago after losing my job and getting in over my head with debt. Now however I am in a really good position, have made every IVA payment and have enough to clear the debts I had before .my IVA was put in place.

Is there any way I can finish my IVA early and gave it removed from my credit file early?


You can finish early by offering a lump sum equal to the remaining contracted payments ( a full and final offer). However it will remain on file for the full 6 years regardless.
Brock
Posts: 2
by Brock » Tue Jan 15, 2019 8:51 am
I'm aware I can settle the IVA, if I cancel the IVA and repay the oroginal amount owed will the IVA remain on my crddit file.for 6 years?

Is there any way I can get it removed from my credit file before the 6 year mark?
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Lisa Thomas
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by Lisa Thomas » Tue Jan 15, 2019 9:18 am
Hi I think your options are:

Take a payment break from your IVA to allow you time to get back onto your feet - you will need to speak to your IP about this.

Fail your IVA - you will be back at square one and creditors can pursue you again so you may well have to consider other insolvency options. Bankruptcy, Debt Relief Order might be applicable.

Find 3rd party funds to make a full and final offer to settle your IVA early.

Put forward a variation to creditors to accept your payments to date in full and final instead and forgive all future payments.
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Foggy
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by Foggy » Tue Jan 15, 2019 11:01 am
Brock wrote:
I'm aware I can settle the IVA, if I cancel the IVA and repay the oroginal amount owed will the IVA remain on my crddit file.for 6 years?

Is there any way I can get it removed from my credit file before the 6 year mark?


That is a far more expensive option to the one I suggested, but will still result in the IVA remaining on your files for the six years. The only way to get the IVA off of your files early is to get the arrangement annulled through the courts, which, even if you had the grounds, could cost you thousands in legal and court costs.
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SteveUK
Posts: 74
by SteveUK » Wed Jan 16, 2019 7:00 pm
How have you amassed enough to pay off all the IVA debts?
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