are we entitled to a 1 mouths payment holiday

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londonlady

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Post by londonlady » Mon Feb 25, 2008 9:11 am
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we having been paying our iva for over a year ,at present I am off work with stress, my wages have been reduced ,and we were wondering if we are entitled to a 1 mouths payment holiday
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MelanieGiles

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Post by MelanieGiles » Mon Feb 25, 2008 9:32 am
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Hi there and welcome to the forum

I am sure that if you put up a good reason to your IP for the break they will be amenable, especially if you are receiving reduced salary, but you will need to also make proposals for repayment of the missed contribution perhaps by tagging it onto the end of the IVA or making increased payments over the next couple of months.
Regards, Melanie Giles, Insolvency Practitioner
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Oliver

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Post by Oliver » Mon Feb 25, 2008 9:33 am
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Sorry to hear that you are off work with stress. My advice to you would be to contact your IP and take their advice on this matter. If you are now earning less due to a work absence you need to discuss this with your IP asap.
Best Regards
Oliver
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ianmillington

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Post by ianmillington » Mon Feb 25, 2008 9:36 am
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You will probably be OK as typically you will need to be 3 months in arrears to go into default.

Check the proposal and the Chairmans Report of the creditors meeting at which the arrangement was approved. Also you will be well advised to advise your Supervisor of what you are doing.

ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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