Can i legally terminate my IVA?

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julie645
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by julie645 » Mon Jul 10, 2017 1:39 pm
I am currently in an IVA and this matter has gone to court for £55,000 with the estimated dividend at 46%. I have paid back £23,000 to the IVA, and when I first went into the IVA I made a claim of £8000 to the bank, and 5 weeks before the terms finished the bank had informed him that they want me to take on another year into the IVA as I have not paid any dividends to the bank. There is no equity in the property as I part rented it. I have since paid more than 46% back to the IVA and I wish to know if it is legal if I terminate the IVA now.
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Michael Peoples
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by Michael Peoples » Mon Jul 10, 2017 2:12 pm
Do you mean that a new creditor has come to light and the IVA is to be extended so that creditor receives a dividend as if so this is quite common and usually part of the IVA agreement? It may not be the best thing to cancel the IVA if the extension is all that is needed.

You can cancel your IVA if you wish but you could be made bankrupt and at best be back to square one.
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Foggy
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by Foggy » Mon Jul 10, 2017 2:44 pm
You need to discuss this in detail with your IP -- to cancel the IVA now would be to waste the last few years as well as most, if not all of the money you have paid so far. An IVA does not stop when you hit the projected dividend as you still owe the original debt in full plus fees and possible statutory interest until the term comes to it's end.
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Lisa Thomas
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by Lisa Thomas » Fri Jul 21, 2017 3:33 pm
What was the Court hearing for?
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