Page 1 of 1
Posted: Thu Feb 28, 2008 9:44 am
by caj
im in an IVa at the moment but can longer afford the repayments (i lost my job and childminder so have to work part time) , what will happen to me ?
Posted: Thu Feb 28, 2008 10:48 am
by ianmillington
That depends
If you can't afford to make the agreed payments but can afford to pay less then ask your Supervisor to consider promoting a variation (depending on how much you can pay.
However, you may also have to consider bankruptcy. It may be something that the Supervisor has to do if your IVA fails so again speak to him or her.
Hope this helps.
ian
Posted: Thu Feb 28, 2008 11:25 am
by MelanieGiles
Your IVA probably allows for three missed payments until it enters default, so you have a little while to consider your options and perhaps look for a new job and childminder in that period.
It is advisable, as Ian has already advised, to notify your Supervisor of your changed circumstances at an early stage, so that if a variation is to be proposed at some stage they are on notice. But the cold reality is that if you have no income then you are unlikely to be able to maintain contributions and bankruptcy may well be a better option in the long run.