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Posted: Wed Sep 10, 2014 5:05 pm
by Robdm77
I have major regrets about my iva- it has impacted on my life far more then my debts ever did.
What would happen if I cancelled my agreement?
Posted: Wed Sep 10, 2014 5:08 pm
by relieved33
You would become liable for the debt and interest. What is unworkable? If your situation has changed, speak to your IP and ask for a review.
Posted: Wed Sep 10, 2014 5:30 pm
by Foggy
If you cancel the agreement creditors would add back lost interest as Relieved says. They would then be free to pursue you as they deem fit.
The damage to your credit files is irreversible and that impact will remain "as is".
Posted: Thu Sep 11, 2014 4:55 am
by luluj
Work with your IP to review your payments and ensure it has been assessed against income and expenditure fairly.
Posted: Thu Sep 11, 2014 6:37 am
by Daviddw71
An iva is meant to be a solution not an unbearable burden. Early on in my iva I realised the payments were too much and after submitting a re-drafted income and expenditure list to my IP it was put to a vote of creditors who accepted a lower monthly payment which I then kept to. To come out of the iva has serious consequences. The debts would still exist. Do you want to go bankrupt? Or face alone all those creditors?