Partner lost job-what happens now

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wakeywakey

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Joined: Mon Jan 23, 2017 9:48 am

Post by wakeywakey » Sat Jun 20, 2020 10:39 am
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?

Foggy

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Post by Foggy » Sat Jun 20, 2020 11:20 am
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
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Sat Jun 20, 2020 11:54 am
I agree with Foggy - seek a payment break.
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

wakeywakey

Posts: 32
Joined: Mon Jan 23, 2017 9:48 am

Post by wakeywakey » Fri Jul 03, 2020 3:43 pm
OK, thanks guys.
Will contact soon.
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