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Posted: Mon Dec 29, 2008 8:45 pm
by corinne.z
Can I leave an IVA at any time, how do I do it and how
Posted: Mon Dec 29, 2008 8:52 pm
by Lisa2009
You could miss 3 payments and let it fail. It will then be terminated.
Are you struggling to meet the repayments?
Posted: Mon Dec 29, 2008 8:56 pm
by flumpy dog
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 ?
Posted: Mon Dec 29, 2008 8:59 pm
by flumpy dog
and of course what mrs S said aswell.
Posted: Mon Dec 29, 2008 8:59 pm
by Adam Davies
Hi
If you stop making payments, normally three, your IVA will fail and you will be back to square one
Regards
Posted: Mon Dec 29, 2008 9:52 pm
by kallis3
Can I ask why you would want to leave? Can you make a full and final payment, or are you struggling.
Posted: Mon Dec 29, 2008 10:01 pm
by MelanieGiles
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.
Posted: Tue Dec 30, 2008 1:39 am
by David Mond
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?