with no earnings, what happens to my IVA?

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trevor.t

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Post by trevor.t » Sun Jul 13, 2008 7:58 am
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if i have a iva and the company i work for goes into liquidation and i am made redundent and not paid anything,what would happen about my iva as i would have no earnings to pay them?
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luluj

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Post by luluj » Sun Jul 13, 2008 8:02 am
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You need to speak with your IP as soon as possible - they may be able to reduce or freeze your payments for a couple of months to give you chance to locate new employment - otherwise with no income it is going to be difficult for your IVA to continue and you may be forced down the route of DMP or Bankruptcy.
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kallis3

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Post by kallis3 » Sun Jul 13, 2008 9:56 am
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I agree with lulu, if you have no income, then breathing space for a couple of months may help you find employment, otherwise your IVA will fail and you will have to look at the alternatives.

Welcome to the forum by the way!
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Dominic

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Post by Dominic » Sun Jul 13, 2008 10:44 am
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yes contact your IP as soon as you can.
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