Cancelling an IVA after it has started is possible, but should not be done lightly, especially considering that an IVA was proposed in the first place as the most appropriate solution to the debt problem concerned.
However, people’s circumstances do change, and unfortunately being in an IVA does not protect you from the possible impact of one of life’s many events.
At My IVA Adviser we are often asked to speak to people faced with little option other than cancelling an IVA.
We try to help them to understand the choices they face, and also understand the ‘fall-out’ which will inevitably follow on from cancelling an IVA.
So if you are contemplating cancelling your IVA payment, perhaps we can help you too.
We have written a series of articles designed to help you understand your options, but we also explore tried and tested methods of helping you to make ends meet, which in turn may save you from cancelling an IVA
Often there are Payment problems in an IVA, where living within a tight IVA budget are at the root of the IVA problems.
Sometimes, however, when there has been a significant change in circumstances, there will be no other choice other than cancelling your IVA.
If this is the case, the best advice is to call your Insolvency Practitioner.
Talk to the IVA supervisor and explain your situation, and they will give you the guidance that will help youcomplete the formalities and draw a line under your IVA.
In most cases the cancellation of an IVA will result in the bankruptcy of the IVA client, and this should be understood clearly.
Read this article to see what you can consider doing to help yourself afford an IVA
If you would prefer to discuss your problem in private with a trained adviser then call 0800 088 7503.
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