Hi guys,
well, after 3 years of our IVA , my partner has lost her job due to the corona downturn.
Haven't contacted my IP yet as so distraught.
Just wanted to quickly get a feel of what might happen next as our income as halved as from next month?
The IP will need to be told, sooner rather than later --- before arrears start to accrue and the IVA is failed on that account. I would suggest, initially, requesting a payment break while new employment is sought. If, after that, no new job is found they will have to do a full review and see if payments can be reduced. If that is not possible then I would then suggest you request that the IVA be concluded based on payments made to date ( this is a last resort request, because, if it is refused, the only option is to fail the IVA ).
But first: Payment break to give a chance to find work.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
