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Posted: Sun May 31, 2009 4:11 pm
by team
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?
Posted: Sun May 31, 2009 4:15 pm
by kallis3
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.
Posted: Sun May 31, 2009 4:38 pm
by MelanieGiles
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.
Posted: Sun May 31, 2009 11:58 pm
by brianabbott
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,