Current IVA and possible job loss

[beckm09]

Hi there I wondered if anyone could offer some advice.

I'm currently in the second year of my IVA but there is a possibility of me loosing my job and obviously my incomeif it did happen. Could anyone advise what would happen to the IVA, would it automatically fail if I lost my job?

Any comments would be appreciated

[Lisa2009]

Hi and welcome.
It may be possible for you to take a payment break while you you find employment.
Give your IP a ring and discuss it.

I hope you dont lose your job by the way xx

[kallis3]

Welcome from me as well.

I agree with Mrs S., you should be able to get a payment break if you do lose your job.

If you get any redundancy pay, you are allowed to use that initially in lieu of wages until you find further employment.

[MelanieGiles]

You should tackle the problem in stages:-

1 Use any redundancy settlement to fund your lost income until you find a new job or the money is used up.

then

2 Ask your IP for a 3 month payment break

then

3 Consider whether a longer payment break ought to be agreed with creditors.

I recently varied an IVA for a 12 month payment break - creditors know that things are hard out there in the marketplace.