How can i cancel my iva

If your insolvency practitioner believes that your IVA has become detrimental to your specific circumstances, it might be that they suggest you cancel it altogether and pursue a different course of action to solving your debt problems. Although you should not take this decision lightly, you are within your rights to terminate your IVA at any point during the duration of its term. You should not decide to do this without having a long and frank discussion with your insolvency practitioner.

You should ask them to explain to you in full all of the consequences that cancelling your IVA will lead to. It might be the case that your insolvency practitioner will be able to come to a further agreement with your lenders to reduce your monthly repayments even more. There is no guarantee that this will be possible but you should definitely view this option as preferable to simply terminating your IVA. Whilst this might only be a temporary measure, it may be all that's required to help you get over your payment problems and the IVA back on track.

It's also possible to request a reduction to your monthly contribution if you're struggling to live within your IVA budget. 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. They will give you the guidance needed to help you complete the formalities and draw a line under your IVA.

For more information on this point you should talk to your IP. Time Any Time 9. Agreement and Consent. IVA payments depend on what can be afforded. There is free advice available from the likes of National Debtline or Citizens Advice. The guidance includes:. There are, however, conditions which need to be met and should be fully understood before action is taken.

Neil Dingley is an Insolvency Practitioner and Partner of Moore Recovery Stoke on Trent and has a background in information technology and accountancy. Insolvency Act Legislation. Any opinion expressed in this article is that of the author and the author alone, and does not necessarily represent that of The Gazette. As we enter the final months of the year, Liz Stevens and Georgia Hunt of Birketts LLP highlight what employment law changes we can expect in and beyond.

All insolvency notices Resources Place a notice. What is an individual voluntary arrangement IVA? Am I allowed to cancel an IVA? Is there any way to end an IVA early? Where the consumer is unable to remedy a breach of the arrangement, and that breach can be shown to be as a direct result of the COVID pandemic for example, the loss or reduction of income , the supervisor may use their discretion to suspend the issue of a breach notice.