I'm considering concelling my iva after nearly 43 months, paying a little above 210/month for an original debt of 15k. Duration is expected to be 60moths.
Knowing what i know now, i don't want to be drugged through the mad towards the end as my employable skills have improved.
1: What consequences will i have to face for cancelling the iva
2: Which interest will creditors add on
3: Can i negotiate waver of interest
4: Approx interest to expe
1: What consequences will i have to face for cancelling the iva --- You will be back to square one with your creditors, who will add back interest and possible late payment charges. They will also be able to pursue enforcement of the debt, including bankruptcy, if they see fit.
2: Which interest will creditors add on --- the contractual inbterest as agreed when you took the debt out.
3: Can i negotiate waver of interest --- you can try, but I doubt they will play ball, having already offered the olive branch in the form of an IVA to have it rejected.
4: Approx interest to expe ---- whatever the contractual amount accrued since the start of the IVA.
First of all, sorry for my late response to your helpful and encouraging advice.
I very much appreciate all your recommendations and advice.
I'm speaking with friends and families to seek help in order to propose F&F. My annual review is due next month, however, If I'm lucky to propose F&F (with help from a third party) at current monthly payment (£210) * the remaining months to complete, could this offer stop the review going ahead as I fear the review might result in my monthly payment going up?
Many thanks once again in advance for your supports.
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