Cancel IVA proposal before creditors meeting

scaramouche1

Sorry - had to delete

MIVAA

Hi scaramouche1

Sorry to bear the bad news, but....

when you engaged the IVA company you entered into an agreement that allowed you the right to cancel the IVA process at any time prior to the IVA creditors meeting, which it would seem you have done.

However, you also agreed to accept that should you decide to stop the IVA process before the IVA creditors meeting, you would compensate the Insolvency Practice the sum of £1,150 in lieu of the work they had carried out on your case, which they had undertaken at your request.

As I see it, you are compelled to pay this invoice, and they are justified in charging you.

Anyone who is looking to put an IVA forward to their creditors should be aware that this is not a unique situation.

You should make sure that the IVA company representing you by preparing your IVA does not charge any upfront fees.

Look for IVA companies that operate a No IVA - No Fee policy.

Still, good to hear that your parents are able to help you out, and save you from 5 years of tough financial budgeting.

Good luck

MIVAA