The coronavirus is creating plenty of problems for everyone – not least those in IVA’s. If you find yourself in a position where you can’t make your regular IVA payment its important to get in touch with your IVA provider. Don’t assume that you can simply stop the payments. Your provider needs to agree to any payment holiday.
If the need for a payment break is directly linked to a reduction in income due to the virus, then you will be treated with understanding by your IVA company. But you may be asked for evidence of your drop in income. It certainly is not the time to take an unauthorised break or to ask for a holiday when income has remained unaffected through this period.
As is usually the case, communication is the key. And of course, IVA companies are struggling too with people off sick and others working from home, so it may well take longer than usual to get through. But persistence pays off and it will be worth the extra wait to get something agreed and sorted. The last thing that is needed right now is the IVA hitting real problems.
And if you are self-employed and income has shrunk and you are waiting for 3 months top up from the Government that is backdated, you may be able to take a holiday break, but then expected to make 3 months payment when the lump sum arrives.