Too late to cancel IVA?

kroeger

Hi,

I have signed the IVA proposal and a creditors meeting is booked. Can I still back out prior to the meeting? or am I now committed?

Useless_with_wonga

Hi,
The answer is "No" it's not too late. I did exactly the same thing had meeting date set etc etc then changed my mind contacted my IP (Payplan) and simply backed out. Very straight foward just a quick "Why" i gave my reasons, No problem.
Hope that help's.

kroeger

Thanks for the advice. I am currently in a DMP with CCCS and the IVA was going to be with Payplan. My only worry is if the creditors decide to push for bankruptcy if I do not go for the IVA although I have been making regular payments now for four months to CCCS.

Useless_with_wonga

I would not have thought not going for an IVA would make them seek out Bankruptcy. As you say you are paying and with a DMP you will pay ALL of the debt back which is unlikely in an IVA so in effect the DMP is the better option for your creditors.
No hassle at all (so far at least) from my creditors i just contacted them and told them i was staying on the DMP (Other issues came to light but nothing that won't be resolved with time, I hope)

skintandscared_2

kroeger wrote: »

Thanks for the advice. I am currently in a DMP with CCCS and the IVA was going to be with Payplan. My only worry is if the creditors decide to push for bankruptcy if I do not go for the IVA although I have been making regular payments now for four months to CCCS.

Out of interest, is there a reason why you wanted to switch from a DMP to an IVA?