Where Do I Begin?

[Genetix]

Hello

I am here looking for advice as i have missed several payments to my iva.

i am on my final year of my iva and the first 4 years i did not miss a payment as i was in stable employment. although this year has been a total nightmare. i have been in and out work, going from temp work to temp work and i have had very little income. this has resulted in me dropping so far behind in my iva i seem there is no option but to declare myself bankrupt!

i recieved a notice of breach of iva approx 3 months ago, which i reponded in informing my IP of my circustances. yet still i have been unable to keep up with the monthly payments.

My IP calls me constantly asking me when i am able to settle the payments to which i inform them i will try and get the payments from family members etc. this i know i am delaying the inevitable that i will have to inform them i just have no income to pay any more payments.

Also my circumstances has dramatically changed due my partner being pregnant and my first child due in november ( same month the IVA should be completed).

As i know have only four months left on the IVA, I should be jumping for joy that it is finally over and looking forward to being a father but all i can think about is what will happen next with this debt.

as i am writing this ( at 3:51 in the morning ) i feel i am just digging myself into a massive hole which i may never get out.

PLEASE HELP!!!!!!!

[plasticdaft]

Speak to your IP about extending the length of your IVA(not an ideal situation),but could you afford it if your monthly payments were reduced. It would be a terrible shame to get so far in an iva and then have to go BR!!!

[MelanieGiles]

Are you in a position to make payments now to the IVA at the original level? If so, then ask them to call a variation meeting to extend the duration of the IVA to capture the missed payments.

[Genetix]

I have no funds at all to make any payments. i have been out of work for approx 4 months and does not look like anything is on the horizon.

i have been speaking with the IVA company on a weekly basis but they have not mentioned a variation.

would this be something i would have to request rather than being offered?

as is it gets ever closer to the end date of the iva, it seems more unlikely i am ever going to get caught up on payments!

[MelanieGiles]

Your IP should be trying to work with you to find a solution to this issue, but they will need to understand what your plans are to get back to work and therefore paying your contributions again. I have personally varied IVAs for up to 12 months to deal with unemployment, but your own IP might have a different policy so best to check with them directly to be sure.