Can my IVA be put on hold?

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matthew194

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Post by matthew194 » Mon Mar 23, 2020 3:46 pm
I have just begun an IVA with MacCambridge Duffy where, but due to a new job, having to work a month in arrears, and then some criticial car repairs (all of which I provided evidence for) there is supposed to be a 'variation meeting' on the 25th March due to arrears and they want my approval, I have cited COVID-19 and uncertainty about committing to anything moving forward in the current climate and they are being quite forceful about my approving the meeting without postponement

Foggy

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Post by Foggy » Mon Mar 23, 2020 3:50 pm
No, you cannot put the IVA 'on hold' .... you might be able to negotiate a payment break for a few months, but the arrears will need to be dealt with or you will be in breach. If you cannot commit to anything then the arrangement will simply fail.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Mon Mar 23, 2020 3:52 pm
You need to speak to them to sort out what they say.
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.
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luluj

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Post by luluj » Tue Mar 24, 2020 7:13 pm
I would hope IPs will be sympathetic in this period of Covid19 - I would encourage you to discuss and be honest with them and come to an agreement together
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Lisa Thomas

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Post by Lisa Thomas » Wed Mar 25, 2020 11:26 am
The debtors will be bound by the terms they agreed to. IPs will be sympathetic and no doubt help with payment holidays or variations where the terms permit can but otherwise their hands will be tied.

In this particular case OP should note that variations meetings can only be adjourned for 14 days.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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