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Posted: Tue May 26, 2009 1:13 pm
by w.h
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?
Posted: Tue May 26, 2009 5:05 pm
by liberta
Hi W.H. and welcome to the forum.
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
Posted: Tue May 26, 2009 5:10 pm
by kallis3
Sorry to hear about the loss of your job.
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.
Posted: Tue May 26, 2009 5:26 pm
by MelanieGiles
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.
I hope you manage to find another job soon.
Posted: Fri May 29, 2009 8:43 am
by w.h
Many thanks for your advice, well its off to the job centre now
Wozzer (w.h)