Taking a break etc.

[just1n]

I assume there are different agreements for IVA's but I wondered if all IVA's have provision to take breaks from payments?

I was under the impression that my IVA company would be able to sanction up to 6 months break in payments providing these were added to the end of the term. Also, I was led to believe they have authority to reduce payments by up to 15% without creditor consultation.

My reason for asking is that we've just had to pay out around £530 on vehicle repairs and I wanted to take a 3 month break to cover this, adding to the term length.

Initial response is that there is little leeway but they will consider a payment deferral and the 3 months would be added to the remaining term balance, i.e another £25 per month etc.

Appreciate any advice

[kallis3]

Hi, you are correct that you can ask for a payment break but this would either be added on to the end or extra put onto your monthly payments.

Everything is done either at the IP or creditors discretion.

You need to speak to your IP to sort things out.

Which company are you using