www.iva.co.uk

I had an iva agreed, however I felt I didn't want to persue the Iva because my earnings had improved significantly, however I then received letter from a creditor warning of imminent default which made me feel pressured and I panicked into signing the acceptance. I was told at the beginning of the Iva liaison that all creditors would be put on hold until the outcome of the Iva procedure and this categorically didn't happen. I want my Iva revoked. Furthermore the Iva contract states I have to pay 50% of overtime, which I take it as improved earnings from self employment which is near nigh impossible to work out without total year end accounts being conducted on a weekly basis. My IP never told me of this, and if I don't, this could legally be assessed as fraud. I cannot proceed with Iva purely because of this fraud element however a failed Iva is as draconian bad as being in an iva. Bottom line, I was pressured into acceptance and I want Iva revoked.

Have you requested a meeting with your IP to discuss your concerns ? Often a discussion will resolve your doubts and provide explanations for the points raised.
If you want to have your iva cancelled then you would need to allow it to fail. Your credit record would remain showing the iva for the full six years and you would be liable for all the debt plus interest.

As Luluj says you can ask for the IVA to be cancelled or you can allow it to fail and be terminated. The creditors will add back lost interest and can then enforce payment themselves as they see fit.

Many self employed are in IVA's with no issues of fraud. Regarding creditors contact during the setting up of an IVA -- many do pester you --- the IVA takes a while to get through the system, and before the meeting they can do as they wish, though many will put a hold on accounts.

Remember if your IVA fails you are at risk of creditor recovery action, which can include Bankruptcy.

Ok, stick with the IVA (I personally hated every minute of mine, but its done and I can move on)

Now on the overtime front, you are self employed right, so get your accountant to make the figures what you need to keep the cash, that's what you are paying them for, and that's above board as well.

As a self employed person your IVA will be reviewed each year and payments adjusted going forward. The overtime condition is irrelevant unless you switch to PAYE during the IVA.

Reply posted on behalf of Glenn by admin. Reply received through "Ask forum Experts".

I had a number of debts however they were all manageable apart from my hmrc debt on the terms they were insisting. The debt accrued by going through exceptionally bad happenings that almost rolled one after the other over four years, that they were aware of, that I had asked them to investigate for their surety of accurateness. Hmrc were insisting the total debt had to be repaid before my next return, which came to £250 pw, which I could not afford at that time because my fluctuating taxi income was going through a baron period, but now, only three weeks forward and into summer season, has recovered. Hmrc wouldn't accept anything less than the 250 pw, and on the morning of the creditors meeting I explicitly asked them for any way to avoid perusing the Iva of which they responded total full immediate payment. The creditors meeting then went ahead, got agreed. My Iva is going to return them £600 per year (of income proposal they have no idea will increase). They wanted £12000 from me in 7 months, but accept £3000 over five years if in conjunction with my personal honour destroyed. I am incensed of their decision that seems to give priority of my destruction than recovery of monies. It was hmrc inflexibility that forced me to seek this Iva. I blame hmrc entirely. What can I do about it? Whether helping with Iva revoke, or separately action against hmrc. I'm willing to go to court against them self representing, worse case I can only lose.

I do not understand your issue ---- you had debts, HMRC being a big creditor. HMRC's inflexibility wanting too much too soon "forced" you into an IVA where you will pay them less over a longer period. You now wish to cancel the IVA and go back to them forcing you to pay the larger amount faster, with the possibility that they will make you bankrupt ???

Did they actually accept, or were they, themselves, forced to accept by being outvoted by other creditors ?

I appreciate HMRC don't always make commercial decisions but I don't understand how you can blame them for your debt.