Our IVA supervisior has told us we will need to pay beyond 5 years. My husband lost hius job and I have had 6 months maternity leave so payments frozen. We can't cope with potentially a further 2 years of payments, can we get out of our IVA?
the only way you can get out of an iva is to miss 3 payments and let the iva fail how much have you paid in so far
is your husband due any redundancy pay to put towards a full and final offer
hopefully one of the experts will be along soon to advise [:)]
If you get out of your IVA do you intend to petition for bankruptcy? If not, would it not be better to stay in the IVA and see if things improve rather than going into a situation with no legal protection and no means of repaying your debts.
Even with the extension your IVA would surely be shorter than a DMP.
Or ask your IP if they will put forward a revised offer of settlement based on the payments you have made to date. This may work in today's financial climate.
I would do as Melanie suggests in the first place and contact your IP about having your payments accepted.
If not, then you need to decide whether bankruptcy is an option for you.
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
