Iva advice

S1h2e2i4l5

I'm presently 2/3 years into an iva, I wish to stop the payments and go down the 3 letter approach that I've heard so much about. Is it advisable to stop future payments and be semi debt free within months, or are they likely to file suit against me.

Craig1981

what is the reason for wanting to stop payments?

usually the request for write off is due to major change in your circumstances which clearly shows affordability in current and future payments, with little chance of those circumstances changing again

its not a "choice" you can take just because you want to be debt free

fatbelly

Difficult to know where to start with this one.

OK - The 3-letter process is nonsense.

Do you have any reason to suspect your debts may be unenforceable? And if so, why?

What do you mean by 'semi-debt-free'?

There may be a case for stopping your IVA payments, e.g you can't afford them/you should have had a DRO/you should have had a DMP/you should have gone bankrupt.

If you stop payments your IP will send you standard letters and eventually (I've seen this take 12 months) terminate the IVA. Your payments to date will probably have paid little off the debts and a lot to the IP.

Unless you've had a major change of circumstances (minor changes can probably be accommodated in your existing IVA) you are leaving it a bit late to bale out of the IVA as you are already halfway through.

sourcrates

S1h2e2i4l5 wrote: »

I'm presently 2/3 years into an iva, I wish to stop the payments and go down the 3 letter approach that I've heard so much about. Is it advisable to stop future payments and be semi debt free within months, or are they likely to file suit against me.

Agreed with Fatbelly on this one, where to start.............you may as well try and knit candyfloss, you will have more success than with the so called 3 letter process, you have heard so much about.


You are wanting to jump out of the frying pan, into the fire, you will not be debt free at all using that flawed method, all reference of which should be removed from the internet, as its total and complete cobblers, the fact you want to give up on proven way to deal with your debts, and instead replace it with a fantasy theory really worries me.

foxy-stoat

If you stop your IVA payments then the IP will likely partition you for bankruptcy - I think you read the wrong information.

fatbelly

If only it were that easy to get someone else to pay for your bankruptcy...