Hi guys, I'm just after some advise, I'm currently on maternity leave due to go back to work in July (6 months maternity leave) but looking into childcare I don't think it's going to be worth me returning to work. If I didn't go back to work what would happen with the IVA? I have been in the IVA Since April 2015. Thanks in advance
You would need to do a new I&E to determine what you can afford to continue to pay. If this was too low for the creditors, they might agree to extend the term of the IVA to make up for it. If it was too low to make the IVA viable, then the IVA would fail and you would be back to square one with your creditors.
It is very unlikely that they would accept payments made to date to close the IVA at this early stage, unless, maybe, there has been a generous PPI refund paid in.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi you need to speak to your IP about this as worst case scenario if you cannot maintain an acceptable level of contributions or offer an alternative (like say a lump sum settlement offer from a third party or an injeciton of previously excluded assets) then your IVA could fail and you could be back to square one at risk of Bankruptcy.
Having said that, depending on your circumstances Bankruptcy could possible be an acceptable solution for you.
