Hi everyone, IVA was going ok but my husband has just quit his job. He appears to be having a breakdown. Unfortunately this has rendered us with no money to live on. I have cancelled the standing orders today for the IVA, what will happen to us now? I have tried contacting the IVA but they are closed today. What if I want to move out and rent accommodation how will I get a credit reference, I have a 14 year old daughter who is so stressed at the present time. I am working but my money is not enough to keep us all. Would the mortgage company help by reducing our monthly payment? Any help you can give would be greatly appreciated
It is unfortunate that your husband has left his employment, and I would assume this entitles you to a variation review on your arrangement. However, as the income has ceased completely I would assume that, as you say, it is going to be a real struggle to manage your household living costs without even considering payments into your VA.
Speaking to your mortgage company may be beneficial, as if you have had no history of arrears on your mortgage you may be entitled to a payment holiday for 3 - 6 months.
When you speak to your IP tomorrow, you may need to request a similar holiday from your IVA payments (your IP can propose this as a variation to the arrangement, but the missed payments will be added to the end of your arrangement increasing the term accordingly). You IP is only likely to agree proposing this to creditors if there is a strong chance of improving your circumstances. The fact your Husband has left his employment rather than being made redundant could work against you, however if you can present a reasonable stratergy as to how you are going to improve your circumstances (i.e. your husband is actively seeking employment, temporary reduced mortgage payments ect) it is likely your IP will be more than happy to accommodate this blip.
The important thing to remember is now your IVA is in place everyone wants to see it complete otherwise no one benefits from the Arrangement. As long as you are realistic and honest with your IP, I think you should be able to overcome this 'speedbump'
Your IP will need to understand what has led to your husband handing his notice in, and what he intends to do about finding another job. You may well be able to negotiate a short payment break, but ultimately if your husband is unable to return to work the IVA may eventually fail.
Put your family first, and take the best decisions for you and your little girl, whilst giving your husband as much support as you are able.
