Hi we are now in our final year, iVA due to finish June 2021, we have a mortgage so will try to remortgage but not hopeful. Question is that due to covid 19 my husband has been out of work, he's a self employed painter and decorator. We are in a joint iva, I have managed to pay my half but my husband is on a payment holiday or whatever they are calling it so obviously he cant afford to pay his half. My main worry is that if my husband is not able to make a wage each week what will happen to our IVA. He has the government grant now but did not get an awful lot so this will have to cover out mortgage and other bills from next month when mortgage holiday ends. We are suppose to pay £560 a month and I have been paying £250 at the moment as this is all I can afford. A lot of his customers don't have the funds now for him to complete jbs that was put on hold and a lot have also done the decorating themselves with not working. Do you think if ask IVA if I can make payment of £250 a month for the final year this would be acceptable?
You are not in a joint IVA -- you are in one each, which is being treated as one for admin purposes. In all probability the £250 you have been paying is being split between IVA's and both are in arrears, rather than just his !
You really need to have a chat with your IP and sort out reduced payments, or maybe a payment break. Any significant reduction going forward will have to be agreed by your creditors who may well ask for the IVA term to be extended to make up for it. On top of this would be the 12 month extension in lieu of equity release, if you are unable to remortgage.
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