Advice Please

pj28

Hi, I'm new to this.......Desparately need some advice and don't know where to turn, tried insolvency helpline, financial guardian, but got so response, so think i must be doing something wrong. My question is, can I cancel an IVA? The company I'm with review my IVA every 6 months and I'm paying over £700 per month. I'd like to contact the companies and pay them directly. I'm sure I could pay them more than they are currently getting from the IVA company!

katyw

Hi.

I'm not really sure I can help, but I think if you fail an IVA you end up bankrupt. I'm sure someone out there will be able to correct me if I am wrong.

Have you spoken to the company you've got the IVA through? Are you sure it's an IVA and not a DMP?

GeorgeUK

You will need to be careful with this.
How long into the IVA are you and how long is left to go.

In the cases i have heard of someone coming out of an IVA it is because they have paid it off early.

I would advise contacting national debtline or CAB for detailed advice. If you decided that you wanted to cancel the IVA your creditors would be asked their view on whether to petition for bankruptcy.