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 http://foggy.blogs.iva.co.uk
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
