4 months and in trouble.

[Rock20]

Hi all.

We have 4 months left of our IVA (5 years), but partners temporary contract terminates in 6 weeks.

We are worried that this could end up with our IVA failing!

We have no equity in the house, which when considering the secured loan balance, puts us in a negative quite situation

What would be our options?

Can we ask our IP to propose that creditors accept payments to date?

Any help much appreciated.

[Foggy]

It would certainly be worth discussing this option with your IP. Who are you with ?

[Rock20]

Foggy,

I was with PJG but have been transferred to Creditfix.

[Foggy]

Ah right --- I am guessing PJG would have worked something out. Hopefully CF will be as accommodating. To be frank, it would be criminal to fail the iVA at this stage for this reason.

[Rock20]

Thanks Foggy.

Time will tell if CF are has accommodating as PJG.

[luluj]

There is no benefit to anyone in failing your iva this late on .... it is definitely worth asking for payments to date to be accepted if your partner is unlikely to gain new employment quickly. Saying that if not picky as to what they do there are plenty of temp jobs out there for xmas which may see you through to the end

[Rock20]

Thanks all for your advice. I will approach our IP, and advise outcome.

Many thanks.

[Michael Peoples]

You should be fine as all IP firms would call a closedown variation in such circumstances. I an sure CF will do the same.

[hubert]

Hi Rock20,

Can I please request that you post on here to let people know how you get on with Creditfix?

There's a lot of people transferred like yourself who will want to know how they behave.

Thanks

[bobbydavro]

Hi
I would think at the most the creditors will accept a break until employment is restarted or at this stage may even accept/agree to complete it as failing at this stage is not in the interest of anybody. Your IVA company will sort you out as its up to them to keep both you and the creditors happy and im sure there are hundreds of people in your situation.