Payment break question

[akadiri]

Could someone please tell me if there is a maximum amount of time you could take as a payment break through the life of your IVA? And would this time be aggregated - i.e. if the max is 6 months does that mean that if you take two breaks of three months each, that's your lot? I am currently in the first month of a break due to being made redundant from my job so I want to know what would happen if i wasn't able to find another job soon.

Thanks

[MelanieGiles]

It would depend upon the terms of your own IVA - but if you are in the process of proposing an IVA, and your IP uses the current IVA protocol, you could arrange a break of up to six months, this could not be for more than once during the lifetime of an IVA, and then you could miss three further payments without falling into arrears.

You would need to check the terms of your own IVA to be sure, and confirm with your IP as necessary.

[plasticdaft]

I think most firms will be as flexible as their terms allow.

Paul

[akadiri]

Thank you both very much for your responses, most helpful

[Tina Shortland]

Hi Akadiri welcome to the forum. Please let us know how you get on with arranging your payment break and what terms you had if that is ok. Many other posters in IVAs are interested about payment breaks so it always help to understand different situations.

Fingers crossed you can sort something out.

[Ruth.mh]

I had to phone my IVA company today to discuss a break of 1 possibly 2 months break due to my car needing 3 new tyres, squeaking brakes and, after snapping off my crown, a dentist bill of £209.

I was told that its only after 3 months worth of arrears that the IP would need to inform the creditors so 1-2 months of arrears could be corrected by a repayment plan in other words, add extra money to my monthly IVA amount until the arrears are cleared. My company said that if their are arrears showing on my creditors report next time they would explain the reason and show a repayment plan is in place to deal with and rectify the arrears.

good luck