What if i miss a payment while in an IVA ?

[harry_104178]

what if i miss a payment while in an iva

[Niobe]

Hi and welcome to the forum.

It will depend upon what it says in your paperwork. Most IVA's these days allow for three missed payments before a breach is issued and the IVA fails.

You would have to make up the missed payment by either tagging it on at the end or making extra monthly payments.

[animaleyes76]

The best thing to do is contact you IVA provider as soon as you know that you might need a payment break. That way they can help you as soon as possible

[Shining]

I've had to take a few payment breaks during the duration of my IVA. I always got the consent of my IP and produced receipts for the missed payment and further paid a little extra in the IVA each month to chip away at arrears, all cleared up now thankfully.

My only advice is talk to your IP and provide evidence of why payment break would be necessary.x

[MelanieGiles]

IPs cannot consent to payment breaks, unless in accordance with the terms of the IVA protocol. If you do miss a payment, your account will fall into arrears and you will need to come to an arrangement with your IP to repay these.