Freephone including all mobiles. Managing an individual voluntary arrangement IVA. What happens if my circumstances change during an IVA? What happens if I miss an IVA payment? Related articles What if my circumstances change during an IVA? We use cookies to improve your experience of our website. You can find out more or opt-out from some cookies. Talk to your insolvency practitioner straight away - they might be able to change your regular payments.
If you still want to cancel your IVA, you can - but you'll still have to deal with your debts, and you could be made bankrupt. Write to or email your insolvency practitioner and ask to cancel your IVA.
You can only cancel if your insolvency practitioner and your creditors agree. They might agree to a cancellation if:. If they agree to the cancellation, your insolvency practitioner will fail the IVA - this means the IVA hasn't worked and will end.
If they don't agree to the cancellation, you could stop making payments. As a result your payments could go up. If your new IVA company has a less generous attitude to your living expenses budget or any extra income you earn, your payments could go up. If you are unhappy with your new IVA company, your options are unfortunately pretty limited.
You can consider complaining, but in reality it is unlikely to have much of an affect. You are allowed to do this if you like , even though it is a legal agreement,.
But if you cancel, you need to understand that much if not all of your original debt will still be left owing. You therefore need to plan for dealing with it going forward. You could start a brand new IVA. However this will mean facing years more monthly payments. Hi I am having real issues with my iva company.
I went on a payment break in march due to loosing my job. I then found a temp position and continued with the break. I have followed their instruction everytime even at the review stage.
I have now found a new work position but salary a lot less than i was on. I told the company that i cannot continue the same amount. Which i then had to send more proof. Whilst this was all going on they took a payment for the original amount which hasnt been agreed by me as i cannot afford to live.
I have been trying to get this back and they will not refund stating that i am no longer on a break. I have sent several emails and made numerous calls and feel more stressed than ever about this.
They never return calls or emails. I am always left hanging on. Which isnt acceptable. I really want to change companies or file for bankruptcy. It sounds to me as though the IVA you are currently on is no longer suitable. If you feel that you are unable to resolve the issues with your current company then as highlighted above you cannot change your IVA provider half way through. As such you have two options:. This might be suitable if you can still afford to pay a reasonable amount towards your debt each month going forward.
This would be a sensible option if you own a property which might be at risk if you go bankrupt. Stop your IVA and chose a different debt solution. You could certainly go bankrupt if you wish. If you are not a home owner and cannot really afford to make any further payments towards your debts this could be an ideal solution.
I have had my IVA for 2. Can I stop paying my IVA then get in touch myself with the my debtors to arrange a payment plan through them directly? As highlighted in the article above you can certainly cancel your IVA and pay your creditors the remaining balances if you want. You simply stop making your IVA payments. Then contact your IVA company and tell them you want them to fail the arrangement. You then need to wait for a letter from the company confirming the Arrangement has failed.
You can then approach your creditors yourself and negotiate repayment with them directly. It is important to understand that some possibly all of the money you have paid into your IVA will be legitimately taken by your IVA company to cover their costs and fees.
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