How will long term illness effect my IVA ?

Get expert opinion. This is the place for new questions to be posted.
13 posts Page 1 of 1
User avatar
carol715
Posts: 5
by carol715 » Tue Dec 26, 2017 9:08 pm
Due to long term illness, physical and mental health, I need to reduce my hours of work. How will this effect my IVA if I need to claim benefits?
User avatar
kallis3
Forum Expert
Posts: 73798
Contact
by kallis3 » Tue Dec 26, 2017 10:12 pm
Hi,

Sorry to hear of your health problems. Are you already in an IVA?
User avatar
carol715
Posts: 5
by carol715 » Tue Dec 26, 2017 10:23 pm
Yes I am in an iva
User avatar
kallis3
Forum Expert
Posts: 73798
Contact
by kallis3 » Tue Dec 26, 2017 10:30 pm
You will need to speak to your IVA provider and explain your circumstances to see what can be done.
User avatar
carol715
Posts: 5
by carol715 » Tue Dec 26, 2017 10:41 pm
Ok thank you, I will
User avatar
luluj
Forum Expert
Posts: 10301
Contact
by luluj » Wed Dec 27, 2017 6:25 am
How long have you been in your iva ? Depending on the duration left you maybe in a position to seek a full and final based on payments to date due to your change of circumstances and health.
Your IP should be your first port of call to discuss this.
User avatar
Foggy
Forum Expert
Posts: 27493
Contact
by Foggy » Wed Dec 27, 2017 10:10 am
I agree with the above. Chat with your IP and see what they suggest. There are mechanisms in place to help.

As Luluj suggests, depending on how long you have been in the IVA, as well as a few other factors, there might be scope to end early.
User avatar
carol715
Posts: 5
by carol715 » Wed Dec 27, 2017 10:16 am
Thanks everyone, unfortunately I’ve only had the Iva for a few months. I’d read that my only option will be bankruptcy, I was just clutching at straws hoping there might be something else :(
User avatar
kallis3
Forum Expert
Posts: 73798
Contact
by kallis3 » Wed Dec 27, 2017 10:32 am
Would bankruptcy affect you at all? Do you have any assets to protect?
User avatar
kallis3
Forum Expert
Posts: 73798
Contact
by kallis3 » Wed Dec 27, 2017 10:34 am
How much are your total debts? It may be something like a DRO is better for you but do speak to your IP first.
User avatar
carol715
Posts: 5
by carol715 » Wed Dec 27, 2017 10:41 am
Hi Kalis,
I went for the Iva to avoid the stress of having the creditors contacting/chasing me for payments , I have depression/anxiety fibromyalgia and chronic fatigue syndrome which are affecting my ability to work full time. I’m divorced and live on my own, my rent is half my wage
User avatar
kallis3
Forum Expert
Posts: 73798
Contact
by kallis3 » Wed Dec 27, 2017 11:04 am
Depending on your debt, BR or a DRO could be an option.
User avatar
Foggy
Forum Expert
Posts: 27493
Contact
by Foggy » Wed Dec 27, 2017 11:25 am
Even in a DMP the insolvency firm will do the contacting and keeping things going --- but definitely worth looking at all options.
13 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 18 guests