www.iva.co.uk

My wife, I are 4 years into our IVA but wife became unemployed, still is going on 18 months we`ve continued to make contractual monthly payments by reducing our monthly out goings(Struggle) I’ve already inform my IVA practitioner of our change circumstances which resulted 3 payment being defaulted on. After third default payment i was sent letter threatening Bankruptcy ; can that happen despite myself still being employed , willing to make reduce payments as the intially calculations of my months payments base 2 salaries please advise me on my options

Thanks
Rudolph

Hi, I'm sorry to hear that your wife hasn't been able to find alternative employment leaving you receiving this letter. I'm not sure of this but if you wait around for a professional poster they will advise you I'm sure. Which firm are you using to administer your IVA? x

You can ask your IP to seek the agreement of creditors to a payment break to deal with the arrears and perhaps to get your payments reduced as well.

I am somewhat suprised that this has not been suggested by them - given that they must be aware of your ongoing struggle.

Hi Rudolph, take Melanie's advice and hopefully your IP will work with you to see the IVA through.

Which company are you with?

Your I.P. should be able to apply for a variation to the IVA to assist you at this time.

As Helen says please share with us what your I.P. says as there is no substitute for peace of mind

Lee

Hi
You can't be expected to maintain full payments if your wife is not working. Ask for a fresh income and expenditure form and work out your new disposable income, then ask your IP to hold a variation meeting with your creditors to have your payments reduced
Regards