Should I let IVA fail
Freefalling
Forumite Posts: 14
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Currently 16 months into an IVA, since starting it our finances have considerable improved, I am also due a share payout which I understand will go to IVA. Short story, I owe approx 70k once of which is HMRC, my query is now that I have this payout coming, can I/should I let the IVA fail, use the share payout to clear HMRC (main reason we set up IVA) and then deal with the other creditors myself, maybe like an unofficial DMP or something?? I feel like they might get more money that way as opposed to a good chunk going to IVA team, but is this even allowed??
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Yes you fail your IVA simply by stopping all payment to it.
It can take a fair while for things to sort themselves out, but you could at least keep your windfall, and then deal with creditors as and how you wish.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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