Cancel IVA

A question about : Cancel IVA

Apologies if this is in the wrong location; i havent really posted previously.

I have currently completed 3 years of my IVA; which i feel was probably the wrong option for me from the outset but never mind!

My IVA company has changed (sold) and the new company are awful to deal with even though i am fully paid up and not in any arrears with my plan.

My circumstances have changed in terms of income and i would really prefer to manage my debts myself. I find this new company so stressful to deal with and not sympathetic at all.

I can afford to pay much more directly to creditors myself as well as extra payments, without giving a percentage each month to the IVA company.

So i supose what i am saying is i want to pay in more money but manage the situation indepedanlty.

Does anyone know where i might stand in terms of cancelling the IVA and then contacting creditors directly offering larger payments and self-managing?

Any help is much appreciated; i have been advised i could be declared bankrupt by the IP. I just want to manage this myself and have control back over my finances.

NB
Since taking the IVA i am fully up to date with all payments/Bank account well run/No further debt/no late payments so my credit rating score has improved significantly!

Best answers:

• Firstly I would contact the Insolvency Practitioner's Association for advice on your IVA.
  Their website is www.insolvency-practitioners.org.uk.
  I had an IVA with Debt Free Direct and I had to cancel mine end of July this year because they made the payments deliberately unaffordable and I had to report them to the Insolvency Practitioner's who have accepted my complaint and are investigating the circumstances of why my IVA failed.
  Yes you can cancel the IVA, if your debts are under Ј15K and you have less then Ј50 a month to live on you can qualify for a Debt Relief Order which is why I cancelled my IVA.
  Hope you get it sorted out soon.
• If you cancel your IVA which has two years to run before you are debt free, how long will it take you to clear your debts if you pay them yourself? Can you guarantee that your creditors will not then add any more interest again? Can you guarantee that they, or even the I.P, will not take any legal action against you?
  Those are the real questions, especially the timescale one, that you should be asking yourself before you make any decision.
• Thank you for the responces.
  I am planning to review my paperwork this afternoon to look at where i stand in terms of the IP.
  i am aware there may potentially be a clause in that the IP can declare me bankrupt?
  In terms of timescales i have looked at my credit file to see the balances owed but would need to contact the companies individually to consider interest etc.
  I am just in a bit of a minefield and would prefer to manage this myself rather than have to deal with this company; even if this takes longer!
• Three years in, this is a very odd decision to be taking. Only 2 more years and your debts will be gone. It's surely worth putting up with DFD for this time. Especially as it may well take quite a few months close your IVA down as DFD are likely to refuse to do this until your PPI situation has been checked out..
  Quote:
• I have been informed if I cancel or fail my IVA after 2 years so far, then the creditors have right to add back on any interest since the time they froze your balances which would take my balances up to high again, cause they only freeze it as part of the agreement made when you take on the IVA... I would just get some advice and look into things carefully... and bear this in mind. maybe as previous post suggests keep paying your IVA save up some money to one side and then make lump sum payment to clear it towards the end.