www.iva.co.uk

what happens if you lose your job when you have an IVA?

I'm just starting year 5 of my iva but lost my job yesterday. I've suspended my payments and spoken to my IP about a full and final offer based on contributions to date. I suppose I'm lucky that this has happened so far into my iva. I suspect Its different if you're in the early years. I've seen other posts on here where people have taken a break of up to a year and then started up the payments again. I think it Depends on advice you get from your IP ... I hope my offer will be accepted but will have to wait to see What the creditors come back with

It depends on quite a lot of variables. eg - Redundancy, the sack, ill health retirement etc. Is this just a question or is something looming?

If your IVA is covered by the IVA protocol, there are redundancy provisions contained within the proposal, and the ability to take a payment break for up to six months - which can be extended with the express agreement of creditors.