My Partner is in an IVA, and she has just had her working week reduced to 3 days. She therefore does not bring in enough money to cover her living expenses, let alone her IVA payments as well.
She needs to speak to her IP about this. It may be that the payments can be reduced or, if this is a temporary thing, a payment break is an option.
If she cannot continue making the payments, it could be that the IVA will fail and she could then be looking at a debt management programme or bankruptcy.
Speak with the IP first though.
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
Hi - I agree, she needs to speak to her IP. It will also depend how long she has been in her IVA - if it's nearing the end,no-one will want it to fail.
If she puts in a new Income and Expenditure form that shows that she does not earn enough to pay the IVA, and they put in a offer to extend the 60 months, then does this add to the cost of the overall IVA ie: whether you accept it or not, because a variation meeting has been had?
Depending on the outcome of the variation and whether the term of the IVA is extended / lower contributions made will not effect the costs as they are part of the monthly payment regardless.
