How can I keep my IVA on track?
If you’ve had changes to your circumstances there are things your Supervisor can do to keep things on track. For instance, if you have short term emergency costs, you could be able to take an authorised payment break to help you cover it.
If you’ve had a more long term change it might mean that your Supervisor needs to contact your creditors to arrange a variation of your IVA.
Your IVA Supervisor will act fairly in dealing with any changes to your circumstances, and will be able to decide on any action that needs to be taken. The sooner you make them aware of any issues, the sooner they’ll do what they can to help.
What if I can’t prevent an IVA breach?
If all other options have been explored and your IVA fails, your Supervisor will send you a certificate of termination to confirm that your IVA has come to an end.
Should your IVA be terminated, you’ll no longer be protected from your creditors taking action against you. The payments you’ve made into your IVA will be taken into account, but you’ll still be liable for the remaining outstanding amount. They can start or resume interest charges on your debts. There's also a chance that your creditors could petition to make you bankrupt.
Should your IVA be at risk of failing, speak to a debt advisor as soon as possible to discuss the options open to you. They’ll work with you to try and make a success of your IVA, however if your circumstances have changed to the extent there’s no realistic chance your IVA can be successfully completed, termination may be the only option.
Can I terminate my IVA voluntarily?
Yes. You can ask that the Supervisor terminates your IVA by putting your request in writing. Please be aware that if you do this, your creditors could add backdated interest and charges to your outstanding balances. The date your IVA was processed will remain on your credit file for six years, and it can take several months for your name to be taken off the IVA register.