all was going well then after 16 months with the firm called in and told thats it the job has gone left a job of 16 years as they looked dodgy the new one had been going for 40 years whats that about hindsight
spent the last week looking for jobs benfits etc
time to ring ip firm wanted to talk to someone but was told to put details in a e mail
so what i want to ask you people on here has anyone had a payment break for the same thing as i cant see me making my next payment and if i can find work i can keep my iva going
Whilst I know it's a worrying time right now for you, send the email asking for both understanding and a payment break and I think you will find this will be allowed, no matter who your IVA is with
Once you have managed to find a new job, should the salary be lower than is current, let your IVA co know and I think what they will do is arrange a variation meeting to agree a new I&E and therefore a new payment
It may well be also that a few months may be added to the term of the IVA to take into accountnthe payment break. One thing is for sure your IVA co will not want your IVA to fail, so will do their utmost to ensure this does not happen
Don't delay though, email your IVA co ASAP
Good luck and keep us posted
Last payment made April 2012
Certificate received 1st Nov 2012
If your IVA is protocol compliant then you are allowed a six month payment break without having to go back to the creditors, the IP just has to notify the creditors at the annual review, the missed payments are added on to the end of the IVA term..
Just another thought if your IVA paperwork says you have to meet a "minimum dividend" and your income drops when you get your new job then you may have to extend the IVA term even further to reach the minimum dividend.
If you paperwork says just an "expected dividend" then this does not apply and you payments would just be recalculated.
Last edited by nickjohn on Tue Sep 11, 2012 8:45 pm, edited 1 time in total.
The 6 month payment break for IVA protocol cases only came in in 2010, so it is not present in all protocol cases. Even so, it should be fairly easy to negotiate a payment break with creditors as ou have good reasons.
