Is there any way to get out of my arrangement

[j.f]

I am currently on an IVA which has been running for 12 months now. The majority of the debt is down to various charges on current accounts and HP agreements. I am looking to get rid of most of these through reclaiming my charges and have been informed i am most likely to get my HP agreement written off. If this is the case it will leave me with around £5000 left to pay which i dont really want to be part of an IVA for. Is there any way to get out of my arrangement without been made bankrupt as if this were the case i would probably lose my job therefore be unable to pay anything. Any help would be grately appreciated. Thank You

[aguise]

Hi Jf

I would think that if you get your charges back either the creditors will just reduce it from the amount owed or if you are given it then it would fall into a windfall clause and would go to the iva anyway. In bankrupcy it would also be taken so I would say that any way you will not get to keep the money unless it would pay the iva off with interest.

Ang

[j.f]

Thanks for the reply.

I understand that bit and would be using the money to clear my other debts anyway. What i am saying is that for the sake of £5000 or so i would rather be on a DMP than in an IVA. If im truthful i will admit that i rushed into the IVA as a quick way to releive the pressure i was under and like alot of people now realise that it was not the best option. Therefore i was wondering how you can get out of an arrangement without been made bankrupt which really is not an option.

Thanks

[MelanieGiles]

I can't see any point in failing the IVA simply to start a DMP. My advice is to carry on with the IVA and complete it as soon as you can.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Dominic]

Melanie os right, the IVA willbe done in 4 years and DMP could take anythingup to 25.