Can I ask what happens in an IVA if your circumstances changes? Say I start an IVA on a full time income, but my income drops due to me having a baby, what will happen to the IVA payments?
a iva is very flexible payments can be reduced through your ip with a variation depending on your circumstances, and holiday payments up to a year can be agreed and added at the end of a iva if necessary.
Your IVA is flexible and can allow for a change in situation. However, it will depend on how your IVA is written by your IP and if any variation is accepted by your creditors. Speak to an IP for clarification.
Hi
Although there are some flexibility in an IVA payments must remain high enough to make the IVA viable, if circumstances reduce payments too much or stop payments altogether then there is a strong possibility that the IVA will fail.
Regards
