No, unlike a debt management plan you will not have the same flexibility to change or cancel your IVA. The IVA will be legally binding between you and your creditors, so you should always ensure that you can afford the terms of the IVA.
If you fail to keep up with the repayments to an IVA then your creditors could declare you bankrupt. For advice about the terms of an Individual Voluntary Arrangement, please contact our professional IVA advisors on 0800 048 1766.