what happens if my husband does'nt find a job ?

[lulu27]

My husband has lost his job we have notified out IP. He has 4 weeks notice pay and is trying to find a job what happens if he odesn't find one in time?

[Viki.W]

Hey lulu27, sorry about your husband's job. I hope he finds another one soon. You should talk to your IP again as he/she should have advised you on this. Your IP will probably be able to either reduce your payments or give you a payment break. The most important thing is for your husband to find a job so I'm sure your IP will want to help. Good luck. X

[MelanieGiles]

Viki is right - early liaison with your IP firm is essential to gain their support during this difficult period. How long does your husband feel it may take him to find alternative employment?

[lulu27]

Thank you for your advice.
We told our IP we could make our july payment which is due out today but that we might not be able to make August. They told us to ring back in August. So they were not clear what would happen if we couldn't pay. We are 25 months in and our monthly payment is £650. I am really worried that our IVA might be extended or fail.
My husband had an interview today but he did have a well paid job and I am now worried he might not get one at the same level.
When we started our IVA our payements were £587 am I right in thinking we cannot drop below that level as that is what was agreed by the creditors?

[MelanieGiles]

It would depend upon the terms of your own IVA and your IP's policy on this to be honest.