You can allow the IVA to fail -- but this would result in your creditors adding back lost interest and possible late payment charges -- your debt would increase quite a bit ! Then you would have the worry of creditors being able to take enforcement action.
It is very much a "frying pan and fire" situation!
Why do you want out of the IVA ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Generally bankruptcy is unlikley unless you have assets that can be released. Think hard about failing your IVA, you will be back to square one, your credit file will be affected for the remaining balance of six years and you will be dealing with debt collection agencies who will be very hard work in the early stages. You will also be open to legal action/charging orders
Can you say why you are considering going back to dealing with your creditors directly ?
