How can you end an IVA early?

Answer 1

You can end an IVA early by contacting your IVA controller and requesting a settlement amount from your creditors.

For those that don't know, an IVA is a formal agreement between you and your creditors where you will come to an arrangement to make reduced payments towards your debt, then after 5 years your debt is classed as settled.

Due to its formal nature, an IVA has to be set up by a licensed professional

Once a decision has been made you will be asked questions regarding your current financial situation.

An application may then be made to the court for an Interim Order. Once this is in place, no creditors will be able to take legal action against you. A creditor meeting will be arranged to which you should attend.

For an Individual Voluntary Arrangement (IVA) to be approved, creditors will vote for or against the arrangement.