When do i have the right to cancel my IVA?

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alison904
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by alison904 » Thu Nov 01, 2018 7:26 am
When do i have the right to cancel my iva
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kallis3
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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?
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Foggy
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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.
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Lisa Thomas
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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.
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