www.iva.co.uk

Hello

I am here looking for advice as i have missed several payments to my iva.

i am on my final year of my iva and the first 4 years i did not miss a payment as i was in stable employment. although this year has been a total nightmare. i have been in and out work, going from temp work to temp work and i have had very little income. this has resulted in me dropping so far behind in my iva i seem there is no option but to declare myself bankrupt!

i recieved a notice of breach of iva approx 3 months ago, which i reponded in informing my IP of my circustances. yet still i have been unable to keep up with the monthly payments.

My IP calls me constantly asking me when i am able to settle the payments to which i inform them i will try and get the payments from family members etc. this i know i am delaying the inevitable that i will have to inform them i just have no income to pay any more payments.

Also my circumstances has dramatically changed due my partner being pregnant and my first child due in november ( same month the IVA should be completed).

As i know have only four months left on the IVA, I should be jumping for joy that it is finally over and looking forward to being a father but all i can think about is what will happen next with this debt.

as i am writing this ( at 3:51 in the morning ) i feel i am just digging myself into a massive hole which i may never get out.

PLEASE HELP!!!!!!!

Speak to your IP about extending the length of your IVA(not an ideal situation),but could you afford it if your monthly payments were reduced. It would be a terrible shame to get so far in an iva and then have to go BR!!!

Are you in a position to make payments now to the IVA at the original level? If so, then ask them to call a variation meeting to extend the duration of the IVA to capture the missed payments.

I have no funds at all to make any payments. i have been out of work for approx 4 months and does not look like anything is on the horizon.

i have been speaking with the IVA company on a weekly basis but they have not mentioned a variation.

would this be something i would have to request rather than being offered?

as is it gets ever closer to the end date of the iva, it seems more unlikely i am ever going to get caught up on payments!

Your IP should be trying to work with you to find a solution to this issue, but they will need to understand what your plans are to get back to work and therefore paying your contributions again. I have personally varied IVAs for up to 12 months to deal with unemployment, but your own IP might have a different policy so best to check with them directly to be sure.