www.iva.co.uk

Hi, I have been on this forum a few times over the last couple of years, and at this present time my husband and I are in a 6 month payment break. I have been off work due to injury since March, as such just had a creditors meeting where they have agreed for a 6 month payment break. The payment break finishes in November, so not much time before it is 'make or break' in the IVA. I am still off sick, and feel that I will still be unable to work in November when the payment break finishes. So I am worried sick the IVA will fail. Having been on this forum previously one of the experts said that my IVA could be concluded or finished early. I wanted to know what the criteria was for this. We had approximately £39K to pay back (with a two variations on the way), have made 30 payments to date totalling £19,500. We have an outstanding 30 payments to make, and then of course either remortgage or extend another year (no equity in the house). My husband's income and my employment allowance just about covers our expenditure each month, but the EA will finish in March 2013. I feel that once the payment break is over we will be forced into bankruptcy, but have been desperate to avoid this. But I do know some IVA's have been concluded early due to change in circumstances, so I wanted to know how this can be, and why do some simply finish early rather than being forced into bankruptcy. Look forward to some clarification on this.

Given that you are at the end of a payment break, with still no sign of an improvement in your finances, I would say that you have already satisfied the criteria for putting forward the suggestion to close your case on the back of payments made to date.

I would certainly be happy to put this forward for you if you were a client of this firm, but you will need to speak to your own IP to get their own views. No-one should be forced into bankruptcy when they have tried their best to deal with creditors.

Thank you Melanie. I will speak to my IP about this and hope there is a good outcome, although not overly confident. I had hoped my injury would allow me to get back to work, but it just seems to be getting worse than better. Anyway will no doubt be back on the forum when the payment break is up. It's so good to have this forum and the advice given. Many thanks.

Hope you get a positive response from your IP Kalf and I do hope the injury improves soon. Glad you find the forum useful and supporitve