www.iva.co.uk

Hi, I am coming to the end of my 6th year in an IVA and have recently fallen behind with payments due to the death of my father and my wife being hospitalised with pneumonia. As I am self-employed this prevented me from working for several weeks. Although I will, by the time of our review be able to pay back some of the money owed how likely are creditors to terminate the arrangement if any instalments are still outstanding?

Hi Jay I'm so sorry to hear of your loss. Things must be extremely stressful for you. Hopefully your IP is sympathetic to what has happened? S/he can either allow you to have a payment break for a few months to give you a bit of time to concentrate on more important matters or they can call a meeting of creditors to accept what you have paid to date in full and final. It will depend on the creditors attitudes but it will also depend on whether you've been cooperate in the last 6 years and what amounts are outstanding etc?

I, too, am sorry for your loss and the illness of your wife .. can't be an easy time.

I can only echo Lisa'a comments and would emphasise that you should keep your IP in the loop --- thay can be a pain sometimes, but can also be of great help when needed ( assuming you have one of the more sympathetic firms). A break would be a good idea as the IVA is the last thing you need to be worrying about while you get your life back on an even keel.