I want to get out of my IVA.

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karen179
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by karen179 » Thu May 04, 2017 8:56 am
I want to get out of my IVA. I have only been in the IVA for a year but feel I was in a very low place last year and was pushed into it by an amazing call centre member. I want to deal with my creditors by myself. Is this possible to do without the IP making me bankrupt??
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kallis3
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by kallis3 » Thu May 04, 2017 9:02 am
Hi,

I think you need to speak to your IP company. You can fail your IVA but all interest and charges could be added on and you may end up owing more.
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Michael Peoples
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by Michael Peoples » Thu May 04, 2017 12:30 pm
Your IP could make you bankrupt if you failed the IVA but this is uncommon. However it is rarely a good idea to do so but perhaps get independent advice from the CAB.
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Foggy
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by Foggy » Thu May 04, 2017 6:18 pm
As mentioned above, you will find yourself in a worse position if you allow the IVA to fail. You will owe more that you did at the start and, even if the IP doesn't make you bankrupt, which is rare, your creditors would be at liberty to, if they felt it was worthwhile.
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Lisa Thomas
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by Lisa Thomas » Mon May 08, 2017 2:40 pm
You are at risk of creditor action against you and/or Bankruptcy if you fail your IVA.

Presumably you originally wanted to avoid Bankruptcy?
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kallis3
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by kallis3 » Mon May 08, 2017 2:43 pm
Why do you feel you were pushed into it?
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