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I am currently in an IVA, my house mate that I joint own this property with has just found out that his temp job which he was due to return back to in Januray is very much indoubt now, obviously this will have an impact on finances within the household and as he has a number of Credit Card Debts which he will now not be able to meet, i'm extremely worried about this situation and trying to think of what I can do to help? If he does not have an income for the forseeable time, what advice could you give on this on how to approached his creditors please, can I contact my IP and see if i can take a payment break due to these circumstances so that I can cover our Mortgage and household main bills, this has all happened on top of my partner moving out in Oct so not a very good time for me at all. Would very much appreciate your advice. I am already a member with you under jeff.s thank you

This is very unfortunate, as due to events outside of your control you may find yourself unable to meet your IVA repayments.

I don't see that there is much point in doing anything until the outcome of your co-owner's employment is determined, at which time you will need to speak to your IP to see what effect the loss of this income will have on your IVA. At the end of the day the co-owner is responsible for paying their share of the bills, and your creditors should not suffer as a result, but practically I know that this is not helpful.

Hopefully they will be able to get back to work as soon as possible, and your IP ought to be able to grant up to a 3 month payment break without reference to your creditors - but the missed payments will need to be made up when you get back on your feet.

Hi
It would be sensible to ask for a payment break whilst your housemate sorts out a job.
Why not ask for a mortgag break first ?
Regards

Thank you for the advice here, it is always much appreciated and helps to know what I can do if anything, I will contact my IP and request a payment break, how would this payment break be made up? would it simply extend the final date by three months?

You can do that, or I think you can spread the cost over the remaining period so you pay slightly more per month.

It would depend upon how quickly you could make up the missed payments, which will depend on how quickly your co-owner could pay you back the money they will potentially owe you.

Hi
Yes, any payment break is usually tagged onto the end of your IVA
Regards

Many thanks again for all the advice,this really does help

Jeff

Remember by taking say a three month break (with the consent of your IP and dependent on the terms of your Proposal) means no other leeway (without a subsequent variation) if you have later problems is possible - discuss first though with your IP.

Thank you David for this additional advice, I will speak with my IP and take matters from there.

Regards
Jeff