Changing IVA

Caggs25

Hi, is it possible to change from an IVA to a DRO? and if so how is it done please?

Grumpelstiltskin

You can't just change. You have to stop paying the IVA and let it fail ---- doesn't happen quickly and then you have to see if  you will qualify for a DRO.

I suspect an IVA wasn't the best way forward in the first place. Did you get advice from one of the free Debt Charities?

RAS

You stop paying the IVA and once the OR cancels it, you apply for the DRO.

Get advice first from Stepchange or CAB. CAB might be best as they offer DROs whilst Stepchange recently ended their contract.

ToxtethO'Grady

There is new guidance to Insolvency Practitioners around cost of living increases and IVA's and the Debt Camel website has information about it.

It mentions about if you qualify for a DRO and the process.

if you would currently qualify for a Debt Relief Order, then your IVA should be settled now 
There is no point in making your IVA fail and you have to apply for a DRO – it will not generate another penny for your creditors.
If you are renting and owe less than £30,000 then you need to check the DRO criteria now and talk to National Debtline on 0808 808 4000 about  whether you qualify. You may have been told at the start of your IVA that you aren’t eligible – still check now as the DRO criteria have changed, your situation has got worse, and some people were given incorrect information about DROs at the start.

sourcrates

Yes the guidance has changed in line with the cost of living crisis, as linked to above, the Debt Camel site is the best place for information on this.