question category: IVA

What happens if I lose my job whilst in an IVA?
Submitted on: 28th Oct 2008 by Non-Member | Total Answers: 1

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Losing job whilst in an IVA?

If you lose your job whist your in an IVA or if there is any other significant changes in your circumstances you should contact your Insolvency Practitioner. They will normally be able to arrange a payment holiday with missed payments being added to the end of the agreement. For example, if you miss 3 months your agreement will be extended by 3 months.

If you change of circumstances is more drastic you will be able to propose a variation in your arrangement. As long as it is reasonable it is likely to be accepted.

Once you find a new job tell your Insolvency Practitioner how much you'll be earning so you are sure that you're paying the right amount and off you go again. Remember that you don't have to tell your employer that you're in an IVA.

 

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Submitted on: 29th Oct 2008 by TA Member

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