can no longer afford the repayments

[caj]

im in an IVa at the moment but can longer afford the repayments (i lost my job and childminder so have to work part time) , what will happen to me ?

[ianmillington]

That depends

If you can't afford to make the agreed payments but can afford to pay less then ask your Supervisor to consider promoting a variation (depending on how much you can pay.

However, you may also have to consider bankruptcy. It may be something that the Supervisor has to do if your IVA fails so again speak to him or her.

Hope this helps.

ian

[MelanieGiles]

Your IVA probably allows for three missed payments until it enters default, so you have a little while to consider your options and perhaps look for a new job and childminder in that period.

It is advisable, as Ian has already advised, to notify your Supervisor of your changed circumstances at an early stage, so that if a variation is to be proposed at some stage they are on notice. But the cold reality is that if you have no income then you are unlikely to be able to maintain contributions and bankruptcy may well be a better option in the long run.