www.iva.co.uk

Can we pull out of an IVA and offer our creditors payments ourselves?

Yeah, you would just have to let the IVA fail and then negotiate with the creditors, however be assured they will probably add interest, demand higher paymewnts, they would not set a time limited plan on what you owe (like an IVA would) and neither would you have any of the protection that an IVA offers.

Before you do anything you really do need to seek advice on this and get all the information, its pretty much a gaurantee of you leave the IVA the creditors will begin to harrass you again and demand payment, they will see their debt as more important than others you owe and could demand what you pay the others to pay them too!

Hi Heather - can I ask why you would want to do that. You are far better off staying within a protected agreement if you still have funds to offer the creditors and if your circumstances have changed your IP should be working with you on those to address the creditors if need be.

Hi

Yes you can but think very carefully about doing that, you are protected from any legal action, interest and charges whilst in an IVA

Regards

As the others have said, it is possible to fail the IVA, but makes me shudder just thinking about it! You're credit rating is still going to be shot to pieces, the creditors could then add all interest from the beginning of the IVA (I believe) and you have no protection against any legal action they may bring.

Please think carefully and if you don't want to speak to your IP about it, maybe speak to the CAB about your next move.

If your IVA is not affordable, you can ask your IP to call a variation meeting for the creditors to reconsider the dividend etc so there are always options available.