hi corinne and welcome.
an iva is a legally binding agreement for 5 years.
the only way to end the agreement would be if you were to make a full and final offer that was accepted by your creditors
i am only an iva novice an expert will be along soon
ps whats made you unhappy with the arrangement ?
Can I ask why you would want to leave? Can you make a full and final payment, or are you struggling.
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
There are two ways of finalising an IVA - firstly to make all of the contractual repayments, or offer a full and final settlement as an alternative, and secondly to default on the repayments and have the IVA closed.
If you are having difficulties with the IVA, perhaps we can help if we understand a little more about your circumstances.
The terms of your original proposal will indicate how your IVA will be terminated. Please read them and see what they say. If a Protocol compliant one then missing 3 payments will automatically fail the arrangement. As Melanie says what are your problems? What has changed? And what reasons do you have to want to leave your IVA?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
