Can i cancel my iva?

redherring1

I currently have an IVA with Simple Debt Solutions. I have been paying for into this for 2 years with 3 years left and find that I am struggling with the repayments. Can I cancel my IVA and enter a debt management plan? What are my best options?

danp100

Hi
i am not an expert but i am also 2 years into an iva. Making the payments never leaves anyone with a great deal of money, but just enough to get by. It is never going to be easy but I think if you have come this far you should stick to it. How much are you paying each month and what does this leave you with? If you are having real problems you should speak to your IP, I am fairly surely a debt management plan would go on for ever, at least with an IVA in another 3 years, like me, you will be debt free.
I this helps
dan

Foxy-Stoat_3

Ask to review your expenses with your IP. Why are you struggling, reduction in hours, unexpected bill, hike in energy costs or drinking/going out?

You should fill in your monthly expenditure and after paying the IVA amount you should be left with a plus figure, maybe a small plus figure.

I used and still use an excel spread sheet to work out how much all my bills were and how much I could afford to spend on other stuff.

How do you budget each month?

I dont think you can cancel an IVA, if it fails then its BR time which isnt a good option since your nearly half way through.

manzanilla

Read your IVA T&Cs. These are not always standard - that's why it is called an INDIVIDUAL VA. It used to be normal that if you stopped making the IVA payments, the IP would make you bankrupt, but this clause is now not common - have a look and see what yours says.

It's hard to give advice on whether an IVA or a DMP is a better option for you. How much are you paying per month? How much was you debt at the start? How much per month do you think you can reasonably afford? Do you have a house with equity of other assets to protect?

Anondebtadvisor

Your IPO can reduce the amount you pay into your IVA by uo to 15% so have a chat to them and make them aware you are struggling.

If your IVA is over 5 years, you have 3 years of payments remaining, if you go bankrupt you could have an IPA for 3 years also.

Have a chat to your IP and if they are not helpful, you may want to fail the |IVA and then look at your options again

Daisy4567

Hi, who is your IVA with? Ours is with Grant Thornton and we have just undergone a Variation which was approved and has allowed us to reduce our payments from £189.00 per month to £103.00 - if I were you I'd ask your IP about this

debtfree2016

Hello Daisy4567, did they extend your IVA?