I have an interlocking IVA with my husband and our last payment of £650 is due at the end of this month. However we do have a couple of arrears payments tagged onto the arrangement and our overtime monies from previous years have also been tagged onto the end arrangement so we still owe £5689.50.
My husband lost his job yesterday so before I contact the IVA company i was after a little bit of advice of what might happen, what is the process for this kind of circumstance.
When you say that he lost his job yesterday --- is there any notice period to work out or redundancy compensation due ?
Has any arrangement already been made regarding these arrears or are you extending the IVAs by a further 9 months or so?
Had there been simply a remaining term on the IVAs your IP might have been willing to agree to a reduction in payments to reflect lost income. Arrears, however, are a finite sum of money owing and the IP might well insist that this sum is settled in full. If you have already agreed to cover these by an extra 9 months payments, he or she may be agreeable to extending that period. It might be possible that they will agree to the actual amount being reduced or written off, but this might have to go to creditors for approval.
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
Yes they let him go yesterday. He has been self employed for the last 8 weeks so no notice period. Previous to this he was on the books at other firms he has worked at. He hasn't had a good year for employment (3 jobs since beginning of the year) and some health issues which resulted in some time off work which resulted in the arrears etc.
Yes arrangement was made to add the overtime monies owed and the arrear payments to the end of the arrangement.
I will just need to send them an email to see what they suggest.