Could my IVA be cancelled?

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Posts: 1
by Taze1992 » Sun Sep 02, 2018 3:03 pm

I've recently had to resign from my current job. Unfortunately my parents have decided to no longer support me and have requested me to move out.

I have a boyfriend who I will be moving in with, however he lives in Kent and my job is currently in Devon.

I've handed in my resignation and am applying madly for jobs but unfortunately to no good end!

I haven't yet informed my IP as I'm hoping to get another job before I do. I'm worried he will cancel my IVA if I don't have any means of income. My IVA began in February this year.

Can someone please let me know what my options are?

Thank you
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Forum Expert
Posts: 27728
by Foggy » Sun Sep 02, 2018 3:06 pm
You could ask your IP if he / she will agree to a payment break (which will be added back on at the other end of the IVA ) to give you a chance to sort stuff out.
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Forum Expert
Posts: 10332
by luluj » Mon Sep 03, 2018 2:42 am
You need to speak to your ip and let them know ofthe change in circumstances. As foggy suggests they may allow a payment break but the other option maybe is to consider bankruptcy as you have no income and no assets. Tske professional advice starting with your IP

Good luck with the job hunting
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Lisa Thomas
Industry Expert
Posts: 7193
by Lisa Thomas » Mon Sep 03, 2018 8:48 am

    Payment break
    Propose a variation to accept payments to date in full and final settlement of the IVA
    Fail IVA, which could let to recovery proceedings including Bankruptcy
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