postponing payments for a 10 months ?

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a14

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Post by a14 » Mon Jul 28, 2008 6:21 am
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I have 2 years left to complete my IVA. My mum and dad have agreed to pay for me to study 4 a Master's degree, so far I haven't misssed a payment. Will my IP agree to postponing payments for a 10 months whilst I study as I have to leave my current job and improve my salary on completion?
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plasticdaft

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Post by plasticdaft » Mon Jul 28, 2008 6:54 am
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I am unsure of whether or not this would be allowed,normally after 3 missed payments your iva would fail,but given that the reason for the break is to allow you to improve your financial status then it may be acceptable,talk to your IP.

Remember that as your income goes up,so to will your IVA payments(unless you were already paying back 100p/£,as in all of your debt)
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MelanieGiles

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Post by MelanieGiles » Mon Jul 28, 2008 8:14 am
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You can ask - and the IP can ask your creditors - but it might be better to put those plans on hold until the IVA has concluded.
Regards, Melanie Giles, Insolvency Practitioner
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