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Posted: Thu Aug 27, 2009 1:44 pm
by 600andy
I have just had a terrible dawning - I requested a 3 month payment break when it looked like I was going to be unemployed at the end of serving out my months redundancy notice. The break was granted. Literally, a week before my last day I managed to find another job and so no break in employment. I informed my IP and we just kept paying in as normal......will the break have extended my IVA by 3 Months and will those 3 Months payments simply be bunce to creditors? It didnt occur to me until I read some of these threads.....and will certainly be asking my IP the same......will advise!
Posted: Thu Aug 27, 2009 11:14 pm
by kallis3
Hi,
Your payment breaks will either be tagged onto the end of your IVA, or, if you can afford it, be split up over your monthly payments until you have caught up.
Posted: Fri Aug 28, 2009 1:14 pm
by 600andy
kallis3 wrote:
Hi,
Your payment breaks will either be tagged onto the end of your IVA, or, if you can afford it, be split up over your monthly payments until you have caught up.
Thanks Jan,so in my case, even though my payments didnt stop - I will still have an additional 3 Months to cover the break - even though I didnt excercise it? The seems a little unfair?
Posted: Fri Aug 28, 2009 5:29 pm
by MelanieGiles
If you haven't needed to use the break, then your IVA will not eventually need to be extended.