Cancelling of an IVA

julie011068

I am into my second year of IVA but am wishing i never got into it. I now have overtime on and have to give them half of it and it seems that I am paying back more than I owed, Is there any way I can get out of my IVA without losing all the money i have paid into it.

FoggyBrain_2

Hi Julie. In a word .... no. If the overtime clause is in your proposal I am afraid you agreed to it at the time. You shouldn't end up paying more than you owe plus fees. Even if you do pay 100 pence in the pound (total debt) you will be saving yourself a fortune in interest.

I did a quick calculation earlier, on one of my creditors: [FONT=Verdana, Arial, Helvetica]I owed one CC company nearly £13,000 and was just managing to pay the interest each month. Assuming I wasn't in an IVA, after 5 years I would have paid that company over £12,000 and STILL owe them the £13,000 !!!!! In the IVA they are getting about £4000. So I have "saved myself £21,000 !!! And that's just one creditor![/FONT]

julie011068

if im paying £160 per month and had 2 years to go does any one think that Grant Thornton would accept £3000 as a full and final settlement???

FoggyBrain_2

So, in the next 24 months you would pay £3840, and are offering £3000 as F&F. I am no expert, but would class that as a fair offer (let's face it, they sell on bad debts for far less). I would definitely run that one past your IP. It would help if you could back it up with reasons, one being, "a friend / relative has kindly offered to give me the funds, but the offer is for a limited time ( and ONLY for a F&F .. if the offer is refused the friend / relative will retain the funds)". Are you under threat of any life changing changes ... redundancy, ill health, loss of earnings ???