www.iva.co.uk

I have been in an IVA for about a year and a half.

I had a business which had many many customers who went down the swanny. Leaving myself with personal guarantees for evrything. In total there was £450k of debt which was negotiated a 10% payment on an IVA. Sounds great and sounds like a record amount to have to pay.

But its £750 per month and pure hell to pay as I have no income. We have used anything we can thats come in and also our Child Tax and Working Tax Credit. But we are living on the breadline.

My IP has said that the Credotors will not negotiate and will probably just bankrupt me.

I want to pay the IVA but I want an income. Do you think there is a possibility of getting something to help me until I can get some work coming in such as a payment holiday. The IP assisatant says no. But surely the fact that I could be bankrupt with no assets cannot be better than someone trying to pay back the IVA.

A payment holiday should be very simple for your IP to arrange, and I am therefore suprise to see that you have received a negative reaction to this from their staff. Instruct them to apply for a 12 month break on the basis that you currently have little income, with a view to recommencing payments as soon as this happens.

Thankyou Melanie, I did not realise this was an option.