I've got an IVA with PayPlan and have been making payments as per my IVA commitments. In December my partner got made redundant, and therefore we no longer have some income coming into the house.
Looking at my budget that's been agreed with PayPlan, if I remove my partners income from the budget, it would mean that I am unable to meet my IVA payments, along with some other costs documented in my budget.
In people's experience if I present this to PayPlan what sort of options am I going to get presented with?
I've been able to make my current repayment due to some cash I had on side from Christmas.
You are about to start your third year, so a good way through. During my IVA, literally half way through, my marriage went south, leaving me as a single parent with full care of a, then, 6 year old child. My IP did a review and determined that I could no longer afford the IVA --- I had, basically, two options: Let the IVA fail or ask the creditors to accept payments made to date in full and final settlement--- to my surprise, they agreed to the latter and to 'call it quits' ! It was a 'boom or bust' gamble, but, at that time, I had nothing to lose.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Simon363 - as the jobs market is quite buoyant right now, it might be worth considering seeking a payment break for three months to give your partner chance to find new employment. The missed months would be added onto the end of your iva, but it would give you some breathing space.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
