IVA Question
What if my circumstances change and I can't afford agreed payments?
If you fall into difficulty and are unable to make the payments to you IVA (e.g. you loose your job or have a bad month), it is possible to agree a payment holiday with your advisor. Missed payments are normally be added to the end of the agreement.
During the IVA your circumstances may change for the worse (perhaps you change your job and earn less money), you may find that you cannot maintain the agreed payments. In these circumstances, your supervisor can ask your creditors if they will agree to vary the terms of your proposals. If up until that time, you have maintained your payments without problem, your creditors are likely to accept such changes.
Note, if you are unable to re-start your payments at all, it is likely that the IVA will fail. Your creditors will then be able to take other action against you and alternative arrangements must be made.