www.iva.co.uk

Hello, I am into the last four months of my 6th year of my IVA, so very very close, the finish line is finally in reach! My question is, I recently changed jobs, I only took the gamble because I was into the last year of my IVA. I was bored in my previous job, I was offered this job with the promise of better prospects. However, 3 months in and the company is not doing as well as I was led to believe!! So I am slightly concerned... Short term I am okay, but I am worried what happens if something does go wrong in the next few months, the wage I am on here which was the same as my previous job (so IVA calculations are based on this) I would struggle to get initially in a new job, and what happens if I am out of work for a few weeks/months. I know we have had payment breaks during my IVA due to illness, hence why my IVA should finish in June, but now finishes in October. But what happens when you are into your last months and you can't afford the full payment? I do not want anything to make this IVA fail, I have not struggled for the last 6 years for nothing!" Is there a chance they may look at finishing it early. My payment into the IVA is £736 and I have paid back £0.90 in the £1.00. Any advise would be helpful - Thanks

If you lose your job before October you can ask for another payment break while you sort something out. If the IVA becomes unaffordable you could throw yourself on the mercy of the creditors and ask for them to end the IVA on payments made to date (as they did in my case half way through the arrangement). Be aware, though, that stating that the IVA is unaffordable is a 'do or die' statement and should not be made lightly.

There is also scope for payments to be reduced, at the IP's discretion, built into most agreed terms, usually up to 15% below the original IVA payment level.

A good IP will find a workaround.