Why cancel an IVA?
You may find your circ*mstances change whilst in an IVA. If you suffer a loss in income or become seriously ill, you may find an IVA is no longer sustainable. You may also feel there is another debt solution more suited to your budget, such as a Debt Management Plan.
If you cannot keep up with your agreed IVA repayments, cancelling your IVA doesn’t have to be the first port of call. You can contact your Insolvency Practitioner and ask them to offer you a payment break or to work with your creditors to lower your monthly repayments.
You may be in a fortunate position where you have received a lump sum of money that could be used to pay the debts in your IVA. If you have received a lump sum, you will need to talk with your Insolvency Practitioner about how the lump sum will be treated under the terms and conditions of an IVA.
