Hi Becky
It sounds like your IVA has a clause such that it will automtically fail if you fall two months or more in arrears - if so your Supervisor has absloutely no discretion, you would need a variation agreed to by creditors before that point is reached.
If that is not granted, which from what you have said may be a possibility, your options will be severely limited -either continue with (and comply with) your IVA or have it fail.
Do you know whether your IVA contains a Bankruptcy clause because it may be that if your IVA fails, your Supervisor will have to use some of the funds in hand to petition for your Bankruptcy. If this happens, a dmp will not be appropriate.
Sorry to be the bearer of bad news, but the IVA process is meant to be a "last chance saloon", not just another step in a negotiaion process. Creditors are becoming increasingly firm partly because of debtors who have been led into IVA's in circumstances where their income was either only just sufficient with no room for error to those with insufficient income to start with.
I would also really caution you about the dmp route, if indeed it is an option. Having been in the IVA I would have thought that a Bankruptcy would probably be the best bet - it will allow you to totally clear the decks and start afresh.
Phil Wood (IP since 1983)
www.barringtons-online.com
