IVA aftermath

ED21

I wonder if someone could help me. I recently went into an IVA but then cancelled it as I started earning more money and approached the lenders myself to arrange paying them back directly. I understand that now I have cancelled the IVA it will be marked on my credit file as a 'failed IVA' but is there anything I can do to have this removed as I only made a couple of months or so payments into the IVA?

immoral_angeluk

Nope. Unless you paid off the debts in full at the end of the IVA then you failed the IVA because for all they know you could've cancelled it and not paid.

rog2

It will only stay on your crf for 6 years - the same time as the defaults would have, so there is little benefit in even trying to have it removed.

cybus

I wonder if you sought advice from your Supervisor?
It would have been better to vary the terms of the arrangement than to default on it, albeit voluntarily.
What will you do if your income drops again? An IVA can be quite flexible. You could have continued with it, making higher payments whilst you had the ability to do so. In the event your income dropped again, you could have varied the terms. As you are now, you have no real protection from creditors if your income drops again.