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Posted: Mon Feb 25, 2008 9:11 am
by londonlady
we having been paying our iva for over a year ,at present I am off work with stress, my wages have been reduced ,and we were wondering if we are entitled to a 1 mouths payment holiday
Posted: Mon Feb 25, 2008 9:32 am
by MelanieGiles
Hi there and welcome to the forum
I am sure that if you put up a good reason to your IP for the break they will be amenable, especially if you are receiving reduced salary, but you will need to also make proposals for repayment of the missed contribution perhaps by tagging it onto the end of the IVA or making increased payments over the next couple of months.
Posted: Mon Feb 25, 2008 9:33 am
by Oliver
Sorry to hear that you are off work with stress. My advice to you would be to contact your IP and take their advice on this matter. If you are now earning less due to a work absence you need to discuss this with your IP asap.
Posted: Mon Feb 25, 2008 9:36 am
by ianmillington
You will probably be OK as typically you will need to be 3 months in arrears to go into default.
Check the proposal and the Chairmans Report of the creditors meeting at which the arrangement was approved. Also you will be well advised to advise your Supervisor of what you are doing.
ian