Variation Meeting?

[Scrooge]

We are very late paying our IVA this month and I found out today that my husband has written to our IP asking if we could be granted a 3 month payment break. Will this request require a variation meeting??

[carlmcmullen]

Is the a reason why you are late making payment ?

Have you had a change in cicumstances ?

Is it the first time?

[MelanieGiles]

That will depend upon the specific terms of your own IVA, but it is usual for IVAs to default if three or more payments are missed, in which case your IP will need to seek a variation of the original terms.

[Cybus]

That would all depend on the terms of the arrangement.

You are going to have to give good and valid reasons for wanting to take a payment break. What has your husband written to your IP?

If your arrangements state that you are in breach of the terms if you fall three months in arrears, then yes a variation to the terms is almost certainly going to be required.

I'm not Supervisor's discretion extends to allowing such a 3 month break ... ???

[Scrooge]

Thanks for the replies.
Well we received a phone call from our IP this morning to say that we could have a 3 month payment break.
There was no mention of a variation meeting having been held?
Perhaps find out more when e receive their letter.
Our IP is well aware of how much we are floundering....We are self employed - trade is down and overheads up so our profits have taken a massive slump!
The break should really help us out.

[oldcazza]

hi all , we are in the same boat, our ip has called a variation meeting as we are 3 month sin arrears, we are hoping the creditors will accept a 3 month extension to 63 months as we're only 2 years in to a 5 year iva....hope they will as we don't want to be failed has anyone had this problem before and can you advise
???