When do i have the right to cancel my IVA?

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alison904

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Post by alison904 » Thu Nov 01, 2018 7:26 am
When do i have the right to cancel my iva

kallis3

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Post by kallis3 » Thu Nov 01, 2018 8:34 am
Firstly, is there any specific reason you want to? You can end your IVA by letting it fail, usually by missing three payments. However it will remain on your credit record for six years,

I am assuming you have had a creditors meeting?
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.
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Foggy

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Post by Foggy » Thu Nov 01, 2018 9:06 am
You can allow it to fail at ay time, but there will be consequences; The creditors will add back lost interest and possible charges, so the debt might increase somewhat. They will also be free to pursue repayment by any means, legally available to them, which they deem fit. And, your credit files will still be shot for the full 6 years from the start of the failed arrangement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Thu Nov 01, 2018 11:28 am
If it's already in place you cannot 'cancel' it, you can only fail it.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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