My partner and I are about to enter yr 6 of our iva. My question is my partner is not currently working as she is a contract worker her current position ended last week. What should I do now? Would be a shame to fail at this late stage. Also if she fails what happens to mine do I fail too?
Any advice much appreciated
If they are interlocking it could be in the agreement that if one fails, so does the other. This will be in the agreement.
I would discuss the situation with your IP. At the very least you will need a new I&E done. If this shows you cannot make further payments your creditors might accept payments made to date.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I don;'t think she should be entering into a 6 year contract for it to fail immediately because she no longer has income to make the payments she has promised.
Speak to the Nominee asap and try to resolve a way forward. It might be worth pausing the IVA until she is able to find new employment.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas
I don;'t think she should be entering into a 6 year contract for it to fail immediately because she no longer has income to make the payments she has promised.
Speak to the Nominee asap and try to resolve a way forward. It might be worth pausing the IVA until she is able to find new employment.
Already 5 years in, Lisa.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In my opinion your partner should seek an agreement to have a payment break for a a couple of months whilst new employment is found - as five years have gone already it is not in the best interests of any party to fail the iva.
If no new employment is found in say three months creditors could be asked to consider payments to date.
Are you able to continue your iva in this time or do you need to also seek a break to cover household expenses?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I'm sorry I read it that you were about to enter a 6 year IVA, not the 6th year!
I agree with Luluj - ask for a payment break whilst she gets back on top of things. The Supervisor can usually reduce contributions with their discretion, filing which if that's not enough creditors can be asked to accept lower payments or accept payments in f&f to date.
