what happens if you lose your job while in an iva?

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team

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Post by team » Sun May 31, 2009 4:11 pm
what happens if you lose your job while in an iva? if a family member/friend was happy to pay the instalments would this suffice?
 
 

kallis3

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Post by kallis3 » Sun May 31, 2009 4:15 pm
As long as the payments can be maintained, then you should be ok.

If not, then you need to inform your IP of the change in circumstances and I am sure they would be happy to give you a payment break for a few months while you tried to find further employment.
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MelanieGiles

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Post by MelanieGiles » Sun May 31, 2009 4:38 pm
If a family member is happy to pay for you, this would be the best option. You can always repay them once the IVA has completed.
Regards, Melanie Giles, Insolvency Practitioner
 
 

brianabbott

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Post by brianabbott » Sun May 31, 2009 11:58 pm
You can protect your income in the event of unemployment, sickness or accident with an insurance policy.

There does not have to be a mortgage in place, you can be a tenant, but there will be an initial exclusion period from inception during which you will not be able make a claim for unemployment.

You will need to satisfy certain conditions before you will be able to take up one of these policies.

Regards,
Brian Abbott
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