the company i have worked for the past 26 years has gone into administration and i have just lost my job.this now means i cannot pay the iva. it is looking unlikely that i will have any work for at least 3 months so i will not be able to pay the debt for a while. i have been paying the iva for just under 24 months on an agreed term of 61 months @ 675.00 per month. will i be bankrupted, or what options will i have?
I am so sorry about your company. Unfortunately these are difficult times for everyone.
You should speak to your IP imeediately. It will be possible for him to return to your creditors and ask them to agree to an extended payment break to give you time to find a new job. The creditors are very well aware of what is going on and so will be sympathetic to your situation.
Good luck and best wishes
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Will you be getting any redundancy from your job? If so, you can use this in lieu of wages until you manage to get another job. If you have a large lump sum, you could always offer some of this as a full and final offer on your IVA.
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
I have recently arranged a 12 month payment break for one of my clients as a result of redundancy, and creditors do seem to be wanting to help out where they can.
