I have been reading today about a possible new system of token payments (£1per debt per month for up to six months) for 'can't pays' (no disposable income). The Insolvency Service are party to the agreement, so could this help people in ivas by replacing payment breaks with token payments in situations such as redundancy, long term illness etc so that the term of the iva is not extended?
It was on the ministry of justice website in news > news archive > march. Not so new actually, the scheme was launched 15 March 2010. Its aim is to help people who suffer an 'income shock' as opposed to having a specific iva context. But being in an iva certainly doesn't preclude us from having an 'income shock' as many posters can testify! I wasn't sure if we'd had our chances so to speak or if we would be eligible if the need arose.
It's only a temporary measure and to be honest it's something that a lot of people do now anyway.
At the end of six months you either sort out a DMP or similar or go back to making your normal payments.
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. http://kallis3.blogs.iva.co.uk