hows best to cancel my iva????

dzuki

Hi there

The situation i have is that my iva is only 7 months old and already going to fail due to my change in circumstances.I'm already paying the minimum amount and can't even afford this.I have spoken to the national debt line and they were great.I strongly recommend them to anyone. My wife is going to do a dro with them and I'm going to pay and go bankrupt, but how best to terminate my iva so they give me my letter of non compliance as soon as possible.Also how long will it take for my creditors to realise they aint getting any iva money anymore and start to send us the nasty letters? since we are both in the iva but the payment is together do we still have to cancel seperately or the fact i aint paying anymore kind of send a message for the two of us?

Charco_2

Your IP will terminate/fail the IVA when it becomes clear that you no longer intend to uphold the terms of the agreement... usually three months missed payments but could be a lot sooner if you simply contact them to tell them.

The IVAs (for you and your wife) are interlocking and mutually reliant - when one fails the other should too!

You dont have to take abouse form your creditors, if they call simply explain the situation and end the call quickly, they are not allowed to harrass you so if they do, ask for the persons name and tell them you will report them (the bank) to the OFT... this can result in a fine!

You can also demand that correspondence is to be by letter only and this should stop the phonecalls.

Good luck with the DRO