How to cancel my IVA

[Confused25]

Hi there, I took out an IVA after splitting with my husband a year ago and was left with the mortgage and all the bills / debts. IVA was my only option at the time although now I think I was given bad advice. A year on I have sold the house, making no money, but am in a much better situation financially. I have cut down all my monthly payments and been given a slight pay rise, with another due in a few months. I am now in a position to repay my debts without getting in to trouble again. I can afford to repay them at the rate I was before all of this, now I dont have my mortgage. Surely my creditors will be happy to have the full money back to them direct? I didn't miss payments with them before, just couldn't cope. How should I go about this? and is it even possible? I was going to write to them personally with a suggestion of repaying them by direct debit...im still only young and dont want to be stuck with an IVA until im 30, i'd rather start improving my credit record now- please help!! I dont have anyone else to talk to about this and I dont want more bad advice.

[s.b.w]

Contact your IP about a full and final early settlement taking into account all amounts previously paid.

There's nothing stopping you settling early, but negotiate the fees your IP will charge.

Good luck....

Sharon

[Adam Davies]

Hi
You can stop paying into your IVA at any time.
Your IVA will fail and you will be free to negotiate direct with your creditors.It is unlikely that they will petition for your bankruptcy.
Your credit rating will not improve as your IVA will stayon your file for another five years,you may be better to continue with your IVA for a further four years and be debt free plus enjoy the security that an IVA brings over any creditor legal action
Reagrds