Hi C
Without pussyfooting - the answer is NO.
Here is some info from the internet
Q: Can I cancel the IVA once it is set up?
No. An IVA is a legal process and, once it is set up, you cannot just cancel it if you change your mind. **
Full article:
http://www.debthelpuk.co.uk/faqs/ivafaqs.htm#2 1
* This is no way constitutes to any legal / financial advice whatsoever. The author absolves all liabilities in providing this information. Furthermore the author does not and cannot guarantee the validity of external website contents. (Just to cover me own back... :) )