me and my partner were in a debt management programme and we have now entered into an iva 8 months ago can we get out of the iva and go back into a debt management programme?
Yes, you can let your IVA fail by missing three payments and then you will need to sort something else out.
Is there any reason why you want your IVA to fail?
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
I would recommend speaking to your IVA provider before taking any drastic action. If you are struggling they may be able to help. It is unlikely should your iVA fail that your creditors will receive any money from the arrangement as most of the initial payments go towards the nominees fee and initial disbursements (for example land registry search fees, postage costs etc).
One thing to think about - after failing an IVA - there no legal cover to prevent creditors charging interest/default charges etc etc - so you may find your debt suddenly jumps up in amounts when entering a DMP
Do talk to your IP is the best advice, are you finding your allowances restrictive? Within the IVA you're protected from added interest and creditors and admittedly they're not for everyone but they are a good debt solution. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
