can i cancel iva and take over myself

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yanka

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Post by yanka » Fri Sep 07, 2007 11:25 am
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i am currently 2 years into iva, can i cancel and take over myself.
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MelanieGiles

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Post by MelanieGiles » Fri Sep 07, 2007 11:59 am
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Hi Yanka and welcome to the forum

You could default on your IVA and then make separate payment arrangements with your creditors, but you would have no legal protection and have to carry on paying until the debts have been paid in full. Why would you want to do that?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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iva experts

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Post by iva experts » Fri Sep 07, 2007 3:28 pm
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Welcome to the Forum Yanka,

An IVA is a legally binding agreement between both you and your creditors, if you default your IVA and start up new arrangements with your creditors they are not legally bound to freeze interst etc.

Why would you want to cancel your IVA when you are almost half way there?

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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sonyse2t5

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Post by sonyse2t5 » Fri Sep 07, 2007 4:33 pm
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Leave it to the IP to act as your shield.....no point in trying to save a buck or two. They get fees spread over the 5 years as i my case convened in August.

They are worth their money.Especially,the less pence in the £ you pay the more they are worthy of the fees - but this is my own business case on it....
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iva_squirrel

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Post by iva_squirrel » Fri Sep 07, 2007 4:40 pm
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Hi yanka,

I agree why do you want to change now? I think you will be putting yourself in a vulnerable situation if you decide to cancel your IVA and take over yourself.

Regards,
Michelle P.
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