Withdrawing from an IVA

[sharkieuk]

Hi, I took out an IVA in May last year rather foolishly, trying to do the right thing. Is there any way I can get out of the IVA?

My Debts were as follows..

HSBC Credit Card

Virgin Credit Card

Post Office Credit Card

Tesco Bank Credit Card

Barclaycard Credit Card

Updraft - Loan

Creation Finance

 

[AndyOrch]

Topic moved to the appropriate forum .Formal Solutions: Bankruptcy, Administration Orders, Debt Relief Orders and IVAs

Depends on what reason ?

If say for example you are struggling to pay you will need to show why you can't afford to pay it any more - for example, you can't work because of sickness or disability or you're struggling with the cost of living. If your creditors agree, your remaining debt will be 'written off' - this means you don't have to pay it.

Although you should not take this decision lightly, you are within your rights to terminate your IVA at any point during the duration of its term. You should not decide to do this without having a long and frank discussion with your insolvency practitioner

If its found that there was an irregularity and the court is satisfied that the creditor making the application has been unfairly prejudiced or that there has been a material irregularity, the court can: Revoke the approval of the IVA. Summon a further meeting of creditors.

 

Andy

 

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[sharkieuk]

I have cancelled the direct debit and decided to let the IVA fail.

[dx100uk]