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Posted: Sun Jul 22, 2007 11:10 am
by sue.i
If there was 2 parties in the IVA and one of them had a serious accident and was out of work for some time what would happen then?
Posted: Sun Jul 22, 2007 3:56 pm
by MelanieGiles
Hi sue and welcome to the forum
If the injured party did not receive full pay during the IVA, then you would need to discuss the implication of that with the supervisor of the IVA. It is generally possible for the IP to sanction up to three missed monthly payments, without reference to the creditors, but if the person were to be off work for longer, a longer payment break would require the sanction of creditors. As the reasons for the break are entirely genuine, there should be no problem in getting their agreement.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
Posted: Mon Jul 23, 2007 3:55 pm
by iva experts
My advice would be to contact your I.P as soon as possible, as Melanie has already stated if the person who has had the serious accident is going to be off longterm this will affect the amount being offered and an arrangement with the creditors would have to be made.
Best Regards. IVA Experts
Posted: Mon Jul 23, 2007 4:21 pm
by Oliver
If the accident is genuinely not the fault of the person then Creditors will often sanction a payment break to allow the person to get back on their feet.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Tue Jul 24, 2007 12:01 pm
by iva_squirrel
Hi sue.i
Contact your IP and explain that alterations have to be made due to a decrease of amount being offered.
I think you won't have any problems as long as your IP is aware of this situation.
Regards,
Michelle P.