www.iva.co.uk

Hi

I am 4 & a bit years into my iva and can almost see the end. Unfortunately I have had to take time off work recently due to my mother becoming quite ill and I'm also suffering with stress.
I have arrears due to a salary increase and a 1 month break a year ago which I am clearing each month but things are staring to take their toll and I'm not sure how long I can keep going.
I pay £450 a month and have £1700 arears to pay. I have 8 months before I get to month 60 of the iva.
I want to request a payment break of 3months. Is this crazy for the amount if time I have left? The problem is my wages are becoming less and less due to my sick leave And compassionate leave. I need to get my head straight and I also want to be there for my mum. Can my ip authorise a break due to these kind citcumstances?

I would think a variation to close the IVA would be an option and not just a payment break. Creditors will be sympathetic to your situation.

The fact that your 4/5 of the way into your IVA should count in your favour too I would imagine. Good luck.

Well I have been informed that I cannot take a payment break as I had an authorised one in early 2013 for car repairs so am not sure now what to do? I have missed 1 payment already and planned to miss this months payment as well. I have offered to extend the iva for 6months to include these missed payments and the arrears but have been told it's not possible. I'm not sure what to do next.

Did your IP not suggest a full and final settlement of the IVA based on payments to date? This seems to me to be the way forward and not a payment break. Your circumstances warrant this and I am sure creditors would be sympathetic as we have closed down many cases in similar situations.

Speak directly to the IP and not a caseworker and hopefully they will agree to call the variation.

Thank for your reply

I was informed by my case officer that a Conclusion to the iva will not be possible as I have returned now to work full time after arranging carers for my mother and it just the last 2-3 months where my income has dropped to reflect my time off.

I am happy to keep paying until the end. I am at month 54. I am happy to clear the arrears.
I do feel that it's slightly unfair that I have maintained the last 52 payments even when my husband left me I managed to re work my finances to include getting extra work to keep the iva going.
I will call them again today.

If you miss another payment and offer to add it to the end that should be fine. The IP usually cannot just sanction a payment break without consent of creditors but if you miss a payment they can agree steps to recover this. Hopefully the next few months go quickly but if there are any changes to your own or your mother's health then a conclusion to the IVA seems the best course of action.