I have been making payments of £300 a month into an IVA for almost 3 years. I work for a food manufacturing company that is on the verge of collapse, I have not been paid this week due to the company's financl problems and it is looking likely that the factory will close. I have a history of depression and my attendance at work has been pretty bad for the past few years as I have had multiple breakdowns. What is likely to happen in regards to the IVA if I become unemployed as it is going to be very difficult to find a new job quickly in the area I live in
Your IP can sanction a payment break or reduced payments while you get back on your feet.
I'm really sorry to hear about your company - assume there won't be any redundancy? In case there is, you can keep up to six months' salary to fund normal living expenses while you look for a job.
Don't forget to speak to your IP about working without pay, they may be able to help.
I'm sorry to hear about your problems. I do hope that you can get another job soon.
You do need to speak to your IP soon and you may be able to take a payment break whilst you sort out another job.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi, sorry to hear you maybe losing your job...how long have you worked at the company? You could still get redundancy even if the company goes into administration - there's a government fund for such circumstances.
Speak to your IP and keep them informed all the way - if you do end up unemployed it maybe possible to complete the IVA early based on payments made.
Job wise, make sure you get career advice via jobcentre and see if you qualify for training finding.
The provisions for how your redundancy is dealt with ought to be covered off within the proposal - but if they are not then common sense prevails. Your IP ought to be able to authorise a temporary payment break - which can then be extended with the agreement of creditors. If job prospects are not looking good, you should probably revisit bankruptcy as an option as well.
Thank you all for your advice.
I have worked for the company for 16 years, we had a briefing this morning but it still has not been resolved. They are going to let us know Monday what the outcome will be.
I have now got in touch with my IP and she is going to get back to me this afternoon with her recommendations
Fingers crossed that everything goes your way Dean.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
