www.iva.co.uk

Posted: **Tue Aug 05, 2008 11:39 am**

Can you pull out of an Iva?

Posted: **Tue Aug 05, 2008 11:49 am**

Hey cheryl, welcome to the forum. Could you post a few more details of why you want out and then we can help further.

Posted: **Tue Aug 05, 2008 11:59 am**

I thought there was perhaps a cooling off period but am not sure.

Posted: **Tue Aug 05, 2008 12:31 pm**

You can stop paying into your IVA at any time you want, after 3 missed payments it will fall into default and the IVA will fail, leaving you in the same position as you were before with creditors contacting you.

Is there any reason you want to pull out?
As Viki has said, perhaps a few more details would help us assist.

Posted: **Tue Aug 05, 2008 12:39 pm**

If you do pull out of the IVA early, then all your debts will be resurrected, and maybe the creditors will add back the interest that had been suspended while you were in the IVA, I don't know about that second point, however probably until at least a year has passed creditors will not have received any money so anything that you will have paid up to that point will go towards the IVA provider's fees and your debt situation will be no better than before.

Posted: **Tue Aug 05, 2008 1:05 pm**

I get quite a good bonus from work now and would now be able to pay more off I get my bonus paid into my boyfriends account which means I can have it all but we are going to split up so it means I will have to get all my bonus into my normal pay and they will see it and take it all off of me when they see it on my payslip but I don't want them to take all my money off me as I will have nothing Could I go back to just a normal debt mangement company instead???

Viki.W wrote:

Hey cheryl, welcome to the forum. Could you post a few more details of why you want out and then we can help further.

Posted: **Tue Aug 05, 2008 1:07 pm**

this is cheryl I had to change my details it would not let me log in

Viki.W wrote:

Hey cheryl, welcome to the forum. Could you post a few more details of why you want out and then we can help further.

Posted: **Tue Aug 05, 2008 1:13 pm**

How long have you been paying your IVA for cheryl and how much do you owe?

Posted: **Tue Aug 05, 2008 3:40 pm**

I had to pay back £14.000 I started paying it back last June at £234 a month which would prob leave just above £10.000

Posted: **Tue Aug 05, 2008 3:41 pm**

sorry it started in may last year

Posted: **Tue Aug 05, 2008 4:02 pm**

The other thing you may like to consider is that your iva will still show up on your credit file, probably show up as failed and this will stay there for 6 years from when it was registered.

Even if you came out of the IVA early.

I'd stick with the devil you know, probably clear it off quicker than starting a new DMP anyway, which would probably include additional interest and IP charges to date.

Posted: **Tue Aug 05, 2008 4:08 pm**

Yeah its just crap as I get goof bonus around £850 per month which I could be saving for a deposit for a house but if they know they will take it all of me. Then I am paying rent for another 4 yrs and getting no were

Posted: **Tue Aug 05, 2008 4:21 pm**

If an ammount has been agreed is that set in stone what I am trying to ask is if I tell them I am getting this extra money will they increase my iva ammount?

Posted: **Tue Aug 05, 2008 4:49 pm**

Cheryl, you shouldn't hide your bonus, you will get to keep some of it. You have a great opportunity to repay more to your creditors and maybe pay your IVA off earlier if you can repay the whole debt. You've come so far, hang in there. X

Posted: **Tue Aug 05, 2008 4:57 pm**

Yeah but what I am asking is that I origionally had £21 they told me I would have to only pay back £14 I have paid one yr If I tell them that I have this bonus will they make me pay the origional £21