IVA

happydays18

Hey I’m looking for some advice, I applied for an IVA and signed the contract, the creditors meeting isn’t until the 4th of March. I have really changed my mind about my options and I don’t want to go forward anymore, is it too late? 

sourcrates

You can change your mind about choosing an IVA at any point before the IVA is approved and becomes legally binding. 

You must tell your IVA company you have changed your mind.

What is your situation, how much debt do you have, homeowner or renting?

happydays18

20k due to renovating my first home, which I own, the more I read into how hard it will be to remortgage etc with an IVA against me, my family have offered to help me get myself into a better position so going to do whatever I can to not have to start the IVA. Thank you for your answer! Do you know if there will be cancellation fees in place? I am trying to read it in the documents but nothing is very clear, I just didn’t know if it was common knowledge

sourcrates

There should not be anything to pay yet, no, as the agreement has not yet become legally binding on you.

A mixture of debt management/settlement offers, will likely be the course you should steer with this.

You tick the box as far as home ownership stands, but IVA`s are meant for those with a lot more debt than you, so your probably doing the right thing in cancelling this.