hi
started iva in june 2013 total debt 30k settle in 11p per pound monthly payment 100 pounds. first year is ok no problems then i have to move abroad due to some family peoblems i got a payment break for 6 months as i have no income. i lost my job have no property .still unable to pay iva payment duo to no income.i am still abroad what should i do please advise.
Do you have a family member who could offer a lump sum ? You may find that 5k would be accepted by your creditors
Your creditors may not agree to extend your payment break again and your IVA could fail
I would think that the IVA will fail unless as Andy says you can make a settlement offer. When you do eventually return yuou could propose a new IVA but creditors would want a full explanation about the previous failure.
Your IP could propose full and final on basis of payments made to date or extend a bit more to give you time to find new job etc, but unless this happens or you can come up with a settlement per Andy's suggestion your IVA will likely fail and I'm afraid you will be back too square one. In those circumstances Bankruptcy might be the best option for you.