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what happens to the repayments??

Hi
If you lose your job then payments can normally be missed for two or three months whilst you seek employment,with your IPs permission.If you change jobs then you will be ok,however if your new job pays more you will have to pay more into your IVA once expenses have been agreed.If your salary is lower you will have to ask your IP to call a variation meeting and ask your creditors to vote on the new lower monthly figure.
regards

Andy Davie
IVA.co.uk Spokesperson

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Hi Louisa there are some insurance policys to cover redundancy and illness that is one way. Or maybe a payment holiday whilst you seek a new job, the payments with arrangement with your IP can be added on to the end of the five years.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Hi Louisa,

I would advise that if anything as big as loosing your job or an income change etc occurs that you notify your I.P as soon as possible.

Your I.P should be able to allow you to have a payment break for up to 3 months and then just extend your IVA for 3 months, however if it is going to be longer than this a variation meeting needs to be held with creditors.

Best Regards. IVA Experts