Change IVA Company

Change IVA Company

Once your IVA has started you cannot change the company managing it. If you no longer want to work with them you may have to consider cancelling the agreement.

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Can you change your IVA company?

After you start an IVA it is not possible to change the company managing it. This is because the Insolvency Practitioner (IP) working for them who is in charge of the Arrangement is legally appointed by your creditors.

After the appointment is made you cannot apply to change your IP. You have to stay with them for the duration of the agreement.

For this reason it is very important to speak to 2-3 companies before choosing the one you decide to work with. You can then pick the organisation you feel most comfortable with.

You cannot change your IVA company to a different one once your Arrangement has started.

How to Complain about your IVA Company if you are not Happy

If you are unhappy with your IVA company you should try and resolve the problem with them first. Start by writting a formal letter of complaint to your Insolvency Practitioner. Outline your issues and what you feel needs to be done to put them right.

After this if you are still unhappy you can escalate your complaint to the Insolvency Service. This Government department is ultimately responsible for overseeing the activities of Insolvency Practitioners.

Having gone through the complaints process if you still feel unhappy you only have two options. Either you must accept you will not be able to change the situation and see the Arrangement through. Or you can cancel your IVA and try something different.

If you are unhappy with your IVA company you may be able to resolve the issue by escalating to the Insolvency Practitioner responsible for your case.

Can you Cancel your IVA and start a new Arrangement?

You can cancel your IVA at any time after it starts. You do this by stopping the monthly payments and informing the company that you want them to fail the Arrangement.

Once it has failed you need to remember you will probably still owe most if not all of the debt you started with. You will be left by your old company to make your own decision about what to do next.

Depending on your circumstances one of the options available is to start a new IVA. You can do this with a different company who you feel will be better able to understand your situation. Remember you will have to start your payments again from the beginning.

If HMRC is one of your creditors take advice before cancelling your IVA. In certain circumstances they could make you bankrupt if the original agreement fails.

Could you Stop your IVA and use a different Debt Solution?

After you cancel your IVA you do not have to start another one. You are free to use a different solution to manage your remaining debts if you wish.

One option available to you is to pay your creditors yourself. There is nothing to stop you agreeing monthly payment amounts directly with them based on what you can afford.

Alternatively you may decide that you would be better off going bankrupt. This could be a very good solution for you if you are renting your home and have little or no disposable income to make ongoing payments towards your debts.

If you decide to cancel your IVA you do not have to start another one. You can use a different solution to manage your debt if you wish.

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12 thoughts on “Change IVA Company

    TraceyAK says:

    I’ve been in an iva for nearly 3 years now, think i could have a new debt county court judgement at present i’m trying to appeal againist it. My iva says that i couldn’t probably add it to my present iva

      Hi Tracey

      Whether or not you can your new CCJ debt to you IVA will really depend on its size compared the debts already in your IVA, and, the attitude of your IVA company.

      If they will not help you, and you are going to struggle to pay both, you might have to consider cancelling your IVA and using a different solution. You can read more about this by clicking on this link: IVA company will not add new debt

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