Losing my job in an iva

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pcowburn2409
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by pcowburn2409 » Fri Jan 15, 2010 8:57 pm
Hi, i have been told there is a strong chance that I may lose my job next week without any settlement. How does losing your job effect your iva and what do I need to do with my iva? Will my iva be suspended until I can find another job.

My father has offered me the money to clear my iva if necessary but I just want to know what is considered the normal process in this situation

I am very concerned about my current situation and need some advice please.

Paul

 

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MelanieGiles
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by MelanieGiles » Fri Jan 15, 2010 9:03 pm
It will be different in each case Paul, depending upon your individual circumstances. As you are not receiving a settlement from your employers, clearly it is essential that you find a new job as quickly as possible.

Your IP can probably authorise a payment break of up to 3 months without creditor confirmation, any longer would have to be put to them for agreement at a creditors meeting. I have previously arranged payment breaks for up to 12 months for some of my clients, so you may feel this is a better option than taking Dad's money.

Alternatively the loan could be offered to creditors, and you could use your surplus income - when you do find a new job - to repay him back.

Hope you find something soon.
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