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Markover
Just Joined

2 Posts

Posted - 25 Aug 2017 :  16:22:53  Show Profile  Reply with Quote
Hi,l would like to ask what is going to happen if I stop paying my contribution into my Iva ,l will leave the UK and never come back.I am not a UK citizen.I have been paying the Iva contribution for 4 years.In September will start my last year of Iva.I am asking this cose I have lost my job and looks like it will be difficult to find a new one in the near future.

Martin

IVA Adviser
IVA Expert



742 Posts

Posted - 29 Aug 2017 :  10:34:39  Show Profile  Reply with Quote
Hello Markover.

I'm sorry to hear of the loss of your job.

I'd advise you to contact your IVA provider as soon as possible to explain the situation to them. Because you've already completed 4 years of payments, and because you've lost your income, they may be able to do something to help you in this scenario.

Without any communication, and if payments simply stop, the IVA will likely fail. This would mean that much of the money you've paid may be lost, and that you remain owing money to your creditors.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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Markover
Just Joined

2 Posts

Posted - 31 Aug 2017 :  15:59:45  Show Profile  Reply with Quote
Hi,thank you for reply.I appreciate that,but my question is what if l leave and never come back.What is going to happen then an especially when UK will not be part of EU anyway.Thank you.

Martin
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IVA Adviser
IVA Expert



742 Posts

Posted - 31 Aug 2017 :  17:26:46  Show Profile  Reply with Quote
Your IVA will likely fail, so you'll still owe the money.

Creditors may or may not deem it worthwhile to try to recover what you owe by using the systems available in whatever country you move to.

That's a commercial decision for the lenders.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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