You need to understand the choices you face, while considering the “fallout” that may result from the premature termination of your IVA. Once an IVA has been approved by creditors, it is a binding contract between you and your creditors. The only practical way to carry them out is to violate these conditions and refrain from the Iva or the creditors` agreement on an amendment to the original proposal. An IVA is a legally binding agreement, which means that creditors must abide by the rules. It also means that you have to stick to what you have agreed to as part of your IVA proposal. Otherwise, your IVA may fail. Your court administrator may be able to reach another agreement with your lenders to further reduce your monthly repayments. There is no guarantee that this will be possible, but you should certainly consider this option as preferable to terminate your IVA. If you receive a gale during an IVA, the terms of the agreement indicate that 100% of the amount you received must be paid to the arrangement. Wind drops that you personally receive cannot normally be used to adjust an IVA at an early stage.
After the wind is delivered, you must continue to make your normal monthly payments. As a result, your creditors will repay much of the debts they originally owed. I`m afraid there`s nothing you can do about it. If you commit to an IVA, there are conditions that you must respect. If you don`t meet the conditions of your IVA, your plan may fail. However, you can terminate your IVA and withdraw from the contract before it is concluded. Once you have weighed all the options available, you can better decide whether the termination of your IVA is preferable to your alternatives. If you are prepared to make this decision, you should clarify your position to your judicial administrator.
You terminate your voluntary individual agreement and send a letter of confirmation. You may have had more time to think about your options since the agreement was launched. You may now think there is a better way for you to solve your debt problem. This is a standard change that creditors often require. It is very unlikely that you will get a better offer by completing the process with another company and noticing it. In general, there are things you can do to get your IVA back on track, for example. B by providing the information needed for your annual exam or by providing additional revenue. If your circumstances change and you are unable to do so, your supervisor may ask your creditors to change the terms of your IVA and accept a change to what they originally agreed to when your IVA was approved. You should contact your lenders immediately so that they know that you intend to find another solution for your debt.