Unable to pay IVA while on sick leave

[flashingblade]

Hi

We are just coming up to our 12th month into the IVA, and during that time i have had a lot of sick leave from work for a long standing condition of which i see a consultant on a regular basis.

My problem is, we had a 2 month IVA payment break in aug/sept last year, because my pay was considerably reduced, and the same for Decemeber. They said that the IP can only give me 2 months break and then it would have to go to a meeting with the creditors. The thing is, i am still off work, and its unlikely we will be able to pay this month either.

Can anyone tell me what will happen???

Are the company likely to petition for our bankruptcy or end the IVA and refer us back to our creditors?

[Adam Davies]

Hi
If you feel that you will only be off for another month or so then your IP can arrange a creditors meeting and ask for another payment break.
Are you homeowners ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[flashingblade]

Yes we are homeowners, why do u ask that? Though we did put an application into the council for a house on friday as we are hoping to sell this house and pay off the secured debt. (We have written our IP for permission)

I am hoping this will be the last month of sick, but i cannot guarantee it, what do you advise?

[Beechy]

Hi
You need to talk to your IP, and explain the situation as I dont know the full circumstances.
The more you keep your IP in the picture the more likely they are to help you

Dave Beech

[Adam Davies]

Hi
I was just wondering because if you were not homeowners bankruptcy by your creditors is less likely.
As Dave states keep your IP informed and hopefully you will be able to workout a way forward between you.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Missing a third payment will need a variation meeting, as the IVA will thenfall into formal default.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp