Payment break - and term of IVA

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600andy

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Post by 600andy » Thu Aug 27, 2009 1:44 pm
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I have just had a terrible dawning - I requested a 3 month payment break when it looked like I was going to be unemployed at the end of serving out my months redundancy notice. The break was granted. Literally, a week before my last day I managed to find another job and so no break in employment. I informed my IP and we just kept paying in as normal......will the break have extended my IVA by 3 Months and will those 3 Months payments simply be bunce to creditors? It didnt occur to me until I read some of these threads.....and will certainly be asking my IP the same......will advise!
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kallis3

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Post by kallis3 » Thu Aug 27, 2009 11:14 pm
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Hi,

Your payment breaks will either be tagged onto the end of your IVA, or, if you can afford it, be split up over your monthly payments until you have caught up.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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600andy

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Post by 600andy » Fri Aug 28, 2009 1:14 pm
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kallis3 wrote:

Hi,

Your payment breaks will either be tagged onto the end of your IVA, or, if you can afford it, be split up over your monthly payments until you have caught up.
Thanks Jan,so in my case, even though my payments didnt stop - I will still have an additional 3 Months to cover the break - even though I didnt excercise it? The seems a little unfair?
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MelanieGiles

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Post by MelanieGiles » Fri Aug 28, 2009 5:29 pm
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If you haven't needed to use the break, then your IVA will not eventually need to be extended.
Regards, Melanie Giles, Insolvency Practitioner
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