Can You Change Your IVA Company

No. you cannot change your IVA Company once you have started your agreement.

So what can you do if you are unhappy? Use this guide to find out everything you need to know about your options.

Don’t want to carry on with your current IVA provider and need specific advice? Our experts are ready to advise and assist. Get in touch today.

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Is it possible to change your IVA Company part way through?

The simple answer to this question is no. It is not possible for you to change your IVA Company after the agreement has started.

The reason for this is that when your creditors originally accept your IVA, they appoint the Insolvency Practitioner (IP). The IP is the licensed person within your IVA Company responsible for to supervising your agreement.

The IP in your IVA Company is technically working for your creditors and not you.

As a result, unfortunately there is no way you can switch to a different IVA provider part way through your current Arrangement.

Can you cancel your IVA and start again with a different company?

There is only one way you can change your IVA Company. This is by cancelling your current Arrangement and starting a brand new one.

Once your current IVA is formally terminated, you can then then start a new IVA with a different Company.

What are the implications if you cancel and re-start your IVA?

Cancelling your IVA has various implications you need to be aware of:

• You can’t get back the money you have already paid. Your current IVA Company will retain some of the money to pay their fees and charges. They will share the rest between your creditors.

• When you start your new Arrangement it will last for an additional 5-6 years. The payments you have already made do not count.

• Your new IVA will extend the effect your credit rating. It will remain poor for a further 6 years from the date your new IVA starts.

You can cancel your IVA at any time. You stop making the ongoing payments and instruct your IVA Company to terminate the agreement

How can you change your IVA Company if you are unhappy?

If you are unhappy with the way your IVA Company is managing your IVA, you should first escalate your concerns to them.

However, if they are unwilling to change the way they are managing your Arrangement, there is really very little you can do about it. Even in these circumstances you can’t just change your IVA Company.

Your possible options are as follows:

1 Raise a complaint with the Insolvency Service.

This is the Government Department that ultimately oversees all IVA Companies. However, this is unlikely to make much difference as your IVA Company is likely to defend their position.

2 Accept your IVA Company’s position and complete the Arrangement

As unhappy as you may be with your IVA Company, depending on how many payments are remaining in your IVA, your best option might be to simply accept their requests and complete your Arrangement.

3 Cancel your IVA

If you decide you are simply unable to continue working with your current IVA Company, you do have the option to cancel the current agreement.

You can then change to a different IVA company. However, doing this will mean you lose a significant amount of the money you already paid in. Also, you will have start start again with 5-6 more years of payments.

Alternatively, after you cancel, you can then use a different debt solution to manage your debt. This might be in the form of a Debt Management Plan or bankruptcy.

You should not cancel your IVA without getting advice first. Contact us today to speak to one of our experts.

Will your IVA Company ever change?

You can’t change your IVA Company. However, this does not mean that it can never change.

The one time it a change can happen is if your IVA Company decides to pass on your case to a different organisation.

This situation can occur if the original Company has decided to close its business or stop managing IVA agreements for a different reason.

In these circumstances, you have no say. You can’t influence who your IVA is assigned to in any way.

However, the change should have no affect on your Arrangement. All of your past payments continue to count and the remaining length of your agreement will not be affected

If you are not happy after your IVA Company has changed, you still have the option to cancel. Once you have done this, you can start a new Agreement with another company or choose a different debt solution.