hi just checking does your IVA fail if you miss 3 payments (throughout the 60 month course)? or 3 consecutive payments?. Asking becuase i need to miss a payment (need to fix car and buy baby stuff)but i missed 2 payments already about 20 months ago. They did put the IVA up to compensate though. Paid 3 years worth and am into the 4th year (1st month) but i may be loosing my job, could i propose they take the amount already paid as full and final payemt?
I think that as long as your IP is aware that you need to miss payments, they won't fail it. You have made up your other payments, so are not behind.
Give them a ring to ask about a payment break. You can tell them that you may lose your job and just see what they say about accepting your payments if you do.
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
The answer to this will be entirely dependent upon the wording of your IVA proposal and/or Chairman's Report. Have a read through both documents, or seek your IP's absolute clarification on this matter.
