what happens if i become unemplyed and cannot pay

[pam]

what happens if i become unemplyed and cannot pay

[MelanieGiles]

Hi Pam

Assuming that you are in an IVA, you would firstly discuss this with your own IP who will be able to give advice. The general rule is that you can miss up to three monthly instalments with the permission of your supervisor, whilst you look for alternative employment. If you have still not found a job after this period, then it may be possible for your IVA to be formally varied to give more time, but only if your prospects for finding employment in the future are good.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[keh]

Hi Pam and welcome

Not being an expert but you would have to ask your ip as some might allow you 6 months to find work and increase your iva accordingly..

Are you facing unemployment or is this just a question

An expert will be along soon and advise you better

Keith

The long and winding road will straighten out eventually....keep the faith

[aguise]

Hi Pam
If you become unemployed whilst in an iva and you cannot make payments you can ask your Ip to defer payments for a while so you can look for another job , these would then be added to the end of your iva, otherwise your iva may fail and you would be back to square one.

Ang

[keh]

Hi Melanie...

Posted at the same time ...sorry

Keith

The long and winding road will straighten out eventually....keep the faith

[aguise]

Are we all posting in unison tonight especially you and me Keith.

Ang

[Adam Davies]

If you are in an IVA and become unemployed then you can ask your IP for a break from payments whilst you seek work.
If you have paid a lions share of your IVA then you can ask your IP to propose that your creditors accept payments made to date as a full and final settlement.
If you fail to find work and miss more than three payments without your IPS permission then your IVA will probabaly fail.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[CoverItAll]

Pam

You can insure your IVA payments against Redundancy.

John Tegg
Accident and Sickness cover that pays for up to 60 months for Clients within IVA's.
Tel: 0845 673 9999
e-mail: quotemeplease@asu4iva.co.uk
www.asu4iva.co.uk