IVA Question - Not sure what to do!

wik

Hi all, I am not sure if anyone can give me any advice. I have just entered my 3rd year of my IVA payments - £400 a month, and so far all payments have been promptly paid.

At the moment I am on compassionate leave from work, as my mother is in a hospice and fading fast My line manager has told me that she is going to have to ask HR how long I can have compassionate leave, and that I may have to go onto unpaid leave. I only work 16 hours a week at the moment.

At the moment there is no way I can go back to work as my father, brother and I are taking turn about to sit with my mum around the clock. and when I am not at the hospice I am caring for my children, trying to help them cope with whats happening to thier granny.

Sorry for the waffly bit - here is my question, What can I do about the fact I may not have my full wage this month ? Its a real worry for me. Do IVA companies have any contingancy plans for situations like this?

Many thanks
Wik

FoggyBrain_2

Hi there, sorry to hear about your situation. Please speak to your IP as soon as possible -- he / she can arrange a payment break ( which will be added to the end of the term, or can come up with a suitable alternative.

linyspace

Hi all from meksGirl

Charco_2

You can ask for a payment holiday... this can be any length of time so long as it is reasonable (the time will be added to the end of the proposal). You could ask for reduced payments.

This part has also just occured to me - I know you'll not want to be thinking about it now but please check - if your mother has a will ask to be officially written out of it! If she has any assets or money that might make a significant inheritance that you would be entitled to then deal with it now. Your creditors would be entitled to any significant inheritance.

I know you'll not be thinking of anything of the kind right now, but it is important to consider this!

(For example: Say your mother and father own a house together. Your mother leaves her half between you, your father and your brother... you now own 1/6th of the home... this will have to be addressed for your IVA either by you being bought out by the other two or by by the house being sold. Much simpler that you do not inherit but with a nod and a wink, anything your mother might wish to to have could be left to your father who might even be trustworthy enough to hold onto it for you!)