Iva

MUM40

Is it possible to get out of an IVA.

We are 7 months into our IVA.

kns_2

Yes just let it fail but you might be forced to go bankrupt
Is this because of your windfall from the bank ?

FoggyBrain_2

Hi. You can allow it to fail by missing three payments. Once it has failed your creditors will be on your back for settlement, and will add back missed interest and charges ( and interest on the interest!!).

RuthnJasper

Hi Mum40 - It IS possible to make an early settlement to clear the IVA or default on your payments and have the IVA firm make you bankrupt.

It's hard to know how to advise you best without knowing the ciircumstances behind your need to change your IVA arrangement. If you are struggling with your monthly payments to the IVA people it IS possible (depending on the situation) to re-negotiate how much you are paying to them each month.

For example, I am over half-way through my IVA now. After the first year or so of it I had to move out of my parents' house into my own rented place. There was no way I could have afforded my monthly IVA payments on top of my rent and Council Tax, so I contacted my IVA provider (DebtFreeDirect, formerly ClearStart). They were extremely helpful and reduced my monthly payments from £360 to £160, with an extra year tacked on to the length of the IVA.

The best step if you are having difficulties is always to contact your IVA provider - it's generally in their interests to prevent the IVA from failing so, hopefully, they can help you to come up with a solution. Just make sure that you are 100% honest with them about your situation and what you can realistically afford to pay each month.

Good luck - hope all turns out well for you. xx

MUM40

hi all, thanks for the comments. we are not struggling with the payments to the IVA, but just feel that we have made the wrong decision.

FoggyBrain_2

Might I ask why you feel this was the wrong decision ?