Breach of IVA?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1

George.98

User avatar
Posts: 5
Joined: Sun Jul 28, 2013 10:10 pm

Post by George.98 » Sun Jun 21, 2020 8:21 pm
Help, I think I have messed up my IVA. I am 3 and a half years in and requested a payment break due to reduced income, I also requested a payment break from my mortgage. I am now really concerned that I will breach my IVA, if I do breach, will bankruptcy be the only option? Am I best to just terminate my IVA?

Foggy

User avatar
Forum Expert
Posts: 30815
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Jun 22, 2020 8:16 am
I do not see why a breach would have occurred --- if you had the mortgage break whilst on the IVA payment break, no one has 'missed out' as the missing breaks will be added on to the end of each term ( it isn't as though you are being handed extra money -- just deferring payments for a while ). In any event there is also the current Covid Crisis to bear in mind, causing all sorts of strange things to happen !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

luluj

User avatar
Forum Expert
Posts: 10848
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Mon Jun 22, 2020 6:33 pm
Totally agree with foggy - clearly your payments have been extended for mortgage etc.
Have you continued to pay your IVA throughout?

I personally would not worry over it ..it can rectified if necessary, it's been a difficult 4 months.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”