We’ve just had a letter off our supervisor to say they’ve extended our IVA by 12 months because we couldn’t remortgage. As the letter dropped, my husband was told he’s losing his job because of downturn of work because of Covid. We’ve struggled massively these past 5 years paying £545 a month and I’m terrified our IVA will fail in the last year because we won’t be able to make the payments and bills just on my wage. My husband is only getting £2000 redundancy payment. Is there anything we can do so we don’t end up back at square one when our IVA fails? Please help
In regards to the redundancy payment this is safe as you can keep up to 6 months pay to help whilst looking for employment.
Speak with your Insolvency company and ask to review your I&E. If it shows you cannot afford to continue ask them to go to creditors via a variation meeting to see if they are willing to end your IVA based on what you have paid so far. Based on your I&E review they may still need to speak with your creditors to offer a lower payment based on the outcome of your review