Information about the monthly IVA payments
During your IVA, regular reviews of your financial situation will be undertaken by the IP (Insolvency Practitioner) to maintain your monthly payments. These are normally conducted once a year. If during these reviews, it is agreed that your circumstances have not changed, then you will continue to make your monthly IVA payment as normal. If, however, your circumstances have changed for the better, you may be asked to increase your monthly payments accordingly.
If during the period of your IVA your financial situation changes for the worse and you cannot maintain the agreed payments then your IP can ask your creditors if they will agree to vary the terms of your proposal. If up until that time you have maintained your payments without problem, your creditors are more likely to accept requests.
Failure to Maintain the Agreement
If you fall into difficulty and are unable to make the payments to your IVA (e.g. you’re made redundant), it is possible to agree a payment holiday with the IP. Any months that you miss will normally be added to the end of the agreement.
NB: If you are unable to re-start your payments at all, it is likely that the IVA will fail.