{"id":11477,"date":"2011-01-31T09:54:32","date_gmt":"2011-01-31T09:54:32","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=11477"},"modified":"2019-08-16T09:58:33","modified_gmt":"2019-08-16T08:58:33","slug":"extend-iva-payment-break","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/extend-iva-payment-break\/","title":{"rendered":"Extend IVA Payment Break"},"content":{"rendered":"\n<p>Losing one\u2019s job when in an IVA can be worrying for the debtor and  his or her family. If there is a real prospect of gaining new employment  within a reasonable period of time, the debtor can seek to obtain the  agreement of creditors to allow a payments break, sometimes also called a  payments holiday or a payments freeze.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The supervisor of the IVA arranges for a Meeting of Creditors to be  called to consider a variation to the IVA. Normally the payments break  is for a period of six months and assuming the debtor gains employment  in that time, payments resume again and the term of the IVA is extended  by the same length of time as the agreed term of the payments break.<\/p>\n\n\n\n<p>If at the end of the payments break the debtor has not obtained  employment but still has a reasonable prospect of doing so, the debtor  may ask the supervisor to call a further variation Meeting of Creditors  to seek their agreement to extend the payments break for a further  period of say six months with the term of the IVA being further extended  by the length of the extended break.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"305\" height=\"393\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/08\/Fotolia_25215540_XS.jpg\" alt=\"Payment break in an IVA\" class=\"wp-image-11482\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/08\/Fotolia_25215540_XS.jpg 305w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/08\/Fotolia_25215540_XS-233x300.jpg 233w\" sizes=\"auto, (max-width: 305px) 100vw, 305px\" \/><\/figure><\/div>\n\n\n\n<p>If the debtor\u2019s prospects for gaining employment are slim or \nnon-existent the supervisor may seek the agreement of creditors to \naccept payments already made in full and final settlement of the IVA. \nWhile this may mean that creditors suffer a reduction in the dividend \npayment from the IVA, it would be pointless to seek the debtor\u2019s \nbankruptcy if there were no income or assets available and no prospect \nof income being available in the foreseeable future. A bankruptcy \npetition would achieve nothing more than the needless punishment of a \ndebtor who has acted in good faith and has done nothing wrong save \nlosing his or her employment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Losing your job when in an IVA can be worrying for both you and your family. If you can secure employment quickly enough, your creditors might allow a payment break.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-11477","post","type-post","status-publish","format-standard","hentry","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/11477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=11477"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/11477\/revisions"}],"predecessor-version":[{"id":11483,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/11477\/revisions\/11483"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=11477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=11477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=11477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}