<t>Can I end my Iva?</t>

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sue594

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Post by sue594 » Sun Apr 26, 2020 6:57 am
Can I end my Iva which has been in place since November last year. My circumstances have improved considerably. I am able to service my debts and it is not in my interest to keep an IVA for 5 years, as I will be able to pay my debts off in 2 years. I look forward to hearing from you.

Hope your all safe and well. Kind regards
Sue

kallis3

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Post by kallis3 » Sun Apr 26, 2020 7:22 am
You can let it fail by missing three payments but your credit ratings will still be shot for the full six years from the start and your creditors will probably add back interest and charges so you may well end up owing more than your orignal debt. At least with the IVA you know there is light at the end of the tunnel.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Sun Apr 26, 2020 9:54 am
The only thing I would add is that an unexpected upturn in finances can, just as suddenly become an unexpected downturn -- especially in these unusual times. So, think long and hard before allowing the IVA to fail.
In the normal course of events, your IVA payment will ncrease by 50% of your income increase (so you keep 50%). You could, in theory, save up your 50%'s to enable a F&F offer, a little further down the road .... it would still mean a while in the IVA and, of course, fees to pay --- but, outside the IVA, if you allow it to fail, you will have the old interest and charges added on and you will start paying interest on the whole lot again, so might end up paying more anyway.
Of course, on the plus side, as long as you are confident that finances will stay on the up, nobody will be breathing down your neck for 5 years !
Best of luck with whatever you decide.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Foggy

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Post by Foggy » Sun Apr 26, 2020 9:56 am
BTW -- I have removed your name from your post for the sake of your privacy.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

JustPlainStupid

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Post by JustPlainStupid » Tue Apr 28, 2020 8:06 am
As has been said, it will make no difference to your credit until the IVA would have completed anyway. I'm in a similar position. I think it was about 4 months and I went from not knowing which way to turn and entering the IVA to regretting it. I was initially down to pay back about 45% and now I'm going to hit 100% including fees as my payment has gone from £760 to £1800. This is more than the monthly payments I was making on the initial debts and I wondered if I could sort of turn back the clock to just paying the debts like I was before.

BUT...

I think being in an IVA changes you and your attitude to money. I don't know why you got into it, obviously. For me it was 50% stupidity and 50% bad luck (business was failing and I took on a lot of personal debt to try and prop it up).

My 5 years is up in August at which point I should hit close to 100%. If they want me to make up the missed payments and get to 100% then my last payment should be December. Part of me wants to keep this going so that I feel the pain of it and ensure that my relationship with money changes. I don't care about the completion certificate. I won't chase it. I never want credit again. The IVA is like a prison sentence in my head and I need it to get to the point where I won't reoffend.

Just my 2p worth on why it MIGHT make sense to just get your head down and plough on with it.

Good luck with whatever you choose!

Foggy

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Post by Foggy » Tue Apr 28, 2020 11:53 am
Very good points posed by JPS --- I agree, the rehab element was just as important to me. Over the years of playing with plastic I had lost all connection with 'real money' .... I used to call the cards 'Magic Plastic'! Now, 7 years post completion, I still regard money with a new found respect. I tend to use cash more (still wary of plastic) and I appreciate more ---- most of my buying is still what I need, rather than what I want ( of course, I indulge the 'wants' too -- but in moderation : If I haven't got the cash for them, I don't get them).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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