i have been in a iva for 4 years for the first 2 years i made regular payments for the last 2 years i have made infrequent payments i wrote to them explaining my finances and sent a break down of them to the iva company it is due to end in march 2016 i have now been made redundant i have called them for a payment plan they have said if i do not pay the £4000 arrears they are closing it down and the creditors will start to chase me again what can i do
You need to speak to your IP and agree a plan going forward. It will require a variation to forgive the arrears and a realistic proposal for the remaining payments.
This is not uncommon but you need to speak with your IP before they decide to proceed and terminate the IVA.
