Hello,
As Melanie says, if you fall into difficulty and are unable to make the payments to your IVA, it is possible to agree a payment holiday with your creditors.
The months which you miss will normally be added to the end of the agreement.
If during the period of your IVA your circumstances change for the worse, perhaps you change your job and earn less money, you may find that you cannot maintain the agreed payments. In these circumstances, the IP can ask your creditors if they will agree to vary the terms of your proposals.
If up until that time, you have maintained your payments without problem, your creditors may be mindful to accept such changes.
Note, if you are unable to re-start your payments at all, it is likely that the IVA will fail. Your creditors will then be able to take other action against you and alternative arrangements must be made.
Kind regards,
Julia
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