any LEGAL reason why i can't have a 2 month break

[TheDerbyRam]

Is there any LEGAL reason why i can't have a 2 month break in an IVA for the last 2 months of my first year of payments ? I am in some difficulty and wish to add on 2 months to the end of my IVA..my IP indicates i can't do this as it's in the first year..is there any specific reason why this is the case ?

[iva_squirrel]

Hello Chris,


Welcome to the forum.


If you fall into difficulty and are unable to make the payments to your IVA, it is possible to agree a payment holiday with your creditors via your IP.

The months which you miss will normally be added to the end of the agreement.

If during the period of your IVA your circumstances change for the worse, perhaps you change your job and earn less money, you may find that you cannot maintain the agreed payments.

In these circumstances, the IP can ask your creditors if they will agree to vary the terms of your proposals. I suggest you explain the reasons behind your request to your IP as soon as possible.



Kind regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[neverending]

I think in some IVAs terms and conditions a variation is not allowed in the first one or two years.However it is in everyones interest that you suceed with your IVA and there are always ways forward.Be persistent with your IP and they will get the message.

[MelanieGiles]

Chris

There are not rules on this, unless stated within your IVA proposal. Dig your copy out and read through it carefully to see what provision there is for missed payments. My standard proposal documents state that when three payments are missed the IVA falls into default, but other practitioners will have differing terms.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk