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Posted: Wed Jan 21, 2009 1:35 pm
by beckm09
Hi there I wondered if anyone could offer some advice.
I'm currently in the second year of my IVA but there is a possibility of me loosing my job and obviously my incomeif it did happen. Could anyone advise what would happen to the IVA, would it automatically fail if I lost my job?
Any comments would be appreciated
Posted: Wed Jan 21, 2009 1:57 pm
by Lisa2009
Hi and welcome.
It may be possible for you to take a payment break while you you find employment.
Give your IP a ring and discuss it.
I hope you dont lose your job by the way xx
Posted: Wed Jan 21, 2009 2:49 pm
by kallis3
Welcome from me as well.
I agree with Mrs S., you should be able to get a payment break if you do lose your job.
If you get any redundancy pay, you are allowed to use that initially in lieu of wages until you find further employment.
Posted: Wed Jan 21, 2009 8:08 pm
by MelanieGiles
You should tackle the problem in stages:-
1 Use any redundancy settlement to fund your lost income until you find a new job or the money is used up.
then
2 Ask your IP for a 3 month payment break
then
3 Consider whether a longer payment break ought to be agreed with creditors.
I recently varied an IVA for a 12 month payment break - creditors know that things are hard out there in the marketplace.