Answer: You should be aware that you are actually under no obligation to go ahead with any of the possible solutions that are suggested to you. Besides if you change your mind after agreeing to anything, then you can simply back out within 14 days as part of the cooling off period which is part of the Consumer Protection (Distance Selling) Regulations 2000.

Please visit our Debt Management Terms and Conditions (PDF) for all the details about how you can cancel any agreement or plan.

However, you should be aware that an Individual Voluntary Agreement is actually a legally binding agreement and cannot be cancelled if it has been accepted by a meeting of your creditors. If you don’t keep up the payments on your IVA then the IVA can be terminated and you can be declared bankrupt.

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