If you receive a sum of money during an IVA, the terms of the agreement state that 100% of the amount you received must be paid into the arrangement. The winds you personally receive cannot normally be used to set an IVA at an early stage. After the stroke of luck is handed over, you must continue to make your normal monthly payments. As a result, your creditors will be repaid more of the debt originally owed to them. There is nothing you can do about it, I am afraid. Once you`ve weighed all the options you have, you can better decide if terminating your IVA is better than your alternatives. If you are ready to make this decision, you must make your position clear to your receiver. You terminate your individual voluntary agreement and send a confirmation letter. You need to understand the decisions you face, while keeping in mind the “effects” that may result from the early termination of your IVA.
Your receiver may be able to enter into another agreement with your lenders to further reduce your monthly repayments. There is no guarantee that this will be possible, but you should definitely consider this option preferable to the simple end of your IVA. If you commit to an IVA, there are conditions that you must meet. If you don`t meet the terms of your IVA, your plan could fail. However, you may want to terminate your IVA and withdraw from the contract before it is concluded. Once approved by creditors, an IVA is a binding contract between you and your creditors. The only practical way to complete them prematurely is to breach these conditions and not to refuse VAT or agree to amend the original proposal. Alternatively, since the beginning of the agreement, you may have had more time to think about your options. It is possible that you now think that there is a better way for you to solve your debt problem. An IVA is a legally binding agreement, which means that creditors must abide by the rules.