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Posted: Thu May 27, 2010 12:53 pm
by kai2008
what happens if one of you loses your job while in an iva
Posted: Thu May 27, 2010 2:50 pm
by Michael Peoples
You would need to contact your IP and request a payment break. Depending on the level of redundancy, how long the IVA was operating and the chances of finding a new job, it would be possible to close the IVA down or vary the terms. IVAs can be flexible so speak to your IP.
Posted: Fri May 28, 2010 1:07 am
by MelanieGiles
The new IVA protocol now actually allows a payment break of up to six months as part of the terms of the proposal - to cover things like redundancy - so if you are thinking of proposing an IVA at this moment I would pick a firm who have adopted the use of these procedures.