www.iva.co.uk

hi i have been lucky to find this great site and was wondering if you can help.
me and my wife have been in an iva for 31 months now but she has just lost her job she took home £400 a month but we are worried sick because all our money is needed to pay the iva and living costs.what will happen now will they make us bankrupt after 31 months of no missed payments etc???

any advice will be much appreciated

lost

Hi lost and welcome.

First thing to do is speak to your IP and tell them what has happened. You may be able to get a payment break whilst your wife looks for other employment.

I doubt you will be made bankrupt by your creditors, you are a long way into your IVA and it is in no ones interests to let it fail.

I hope she finds another job soon.

thanks very much for the quick reply i hope you are correct about the br it would be heart breaking to go back to square one now

Bankruptcy will be that last thing that your IP will want to do, and they are bound to allow you a little breathing space to see if your wife can find herself another job.

There are lots of people losing their jobs at the moment - I take at least one call a day from a client with the same problem - but we have to be sensible and flexible to be able to deal with this.