I Have been in an IVA for approx 2 years and I have now recently lost my job and will be unable to continue to pay - will I be forced in to Bankrupty by mt creditors ? -or will there be any other way forward
Firstly, I would speak to your IP and inform themof your change in circumstances. You may be able to take a payment break while you look for another job.
Secondly, if your IVA should fail, it is unlikely that your creditors will make you bankrupt as it will cost them. You will just be back to square one with the hassle from the creditors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I assume that because you have only been in your job for a short while that there is little or no redundancy money being paid to you? If this is the case, I suggest that you ask your IP to suspend payments for the next three months while you look for alternative employment. This period can be extended by the express agreement of creditors at a newly convened meeting for such purpose, but you do have to be realistic about your earning potential if looking for a longer payment break.
What sort of work are you actually looking for, and what are the prospects where you live?
Speak with your IP. If you can find a new job quickly then you won't be forced down this route.
Appreciating we all like to do what we are best at, in the current climate it maybe necessary to keep an open mind as to what work we can do, rather than what we want to do -once in a job it is easier to get a new job ......you may be lucky to find a job at a similar wage - if you don't then approach your IP and ask them to arrange a reduction in your payments to help bridge the gap.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It all depends on how quickly you can find another job and at what salary. Thereafter speak to your IP and see whether an initial payment break is appropriate pending looking for a new job. Don't just throw in the towel yet. See what comes along.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I hope you find a new job soon. If you can't find one very quickly then you need to speak to your IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
