IVA payments

[johanna]

Hello,

I have been in an IVA for 18 months, have made all payments. However, I lost my job last month. Bankruptcy is not an option for me. I feel that bankruptcy could seriously damage my future job prospects, as well as dishonouring my family.

I'd appreciate any advice at all!! Thanks so much for reading!

[iva_squirrel]

Hello Johanna,


It is very important that you talk to the IP supervising your IVA as soon as possible. The IP can ask the creditors to agree to a lower amount until you find another job. As long as there is no outright loss, the creditors will usually accept a Supervisor’s recommendations to amend terms.
You may be charged another fee for doing this. If you cannot agree a new or "modified" IVA then the IP can terminate the old IVA if you cannot make the agreed payments. It is then possible for the IP to apply to make you bankrupt.

Small, short-term defaults will usually be met with just a warning. Persistent or serious default can, however, result in the failure of the IVA and bankruptcy.

Kind regards,


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

[johanna]

Thank you very much for your timely and clear advice. I will contact my IP today.

Regards,

Johanna

[jackie]

Hello,

Hello,

I was in a similar situation but to be honest my IP has not been helpful at all. In fact, he made my life very difficult. I now have a new job but I seriously would like to make a complaint. Can you help me with that?

Thank you

[iva_squirrel]

Hi Jackie,


To complain about an insolvency practitioner you need to find out which authorising body they are registered with. This should be given to you by your IP.

You should first make your complaint in writing to your IP. If you are still not happy then write to the authorising body for your IP.

There is a useful leaflet called "How to make a complaint against an Insolvency Practitioner". You can get this from the Insolvency Service or Phone The Law Society (0870 606 2500)

Hope this helps


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