If I stop paying what will happen ?

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andy.ey

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Post by andy.ey » Fri Sep 10, 2010 1:34 pm
i currently have a IVA. i have lost my job and cannot make my payments...if i stop paying them what will happen...i have a house in joint names with no equity and no other finances...
 
 

liamjames

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Post by liamjames » Fri Sep 10, 2010 1:37 pm
If you stop paying without talking to your IP, your IVA is likely to fail.

Please contact your IP as soon as possible, as they can write to your creditors and request more time, or a reschedule of a few payments. They should be happy to help.

Best of luck. :)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Fri Sep 10, 2010 1:41 pm
You need to contact your IP as soon as possible.

Did you have any redundancy pay? If so, you can use this to fund your living expenses whilst looking for another job, usually for up to six months.
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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MelanieGiles

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Post by MelanieGiles » Sun Sep 12, 2010 9:01 pm
You could probably negotiate a payment break of up to 12 months, by way of a variation meeting, but given your lack of assets then perhaps bankruptcy proceedings are also worthy of consideration at this stage.
Regards, Melanie Giles, Insolvency Practitioner
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