How can I keep my IVA on track?
Your Supervisor can help you keep things on track if your circumstances change.
For example, you may be able to take a payment break to help cover short term emergency costs.
Your supervisor may need to contact the people you owe if you have more than one long-term change. They can try to arrange a variation of your IVA.
Your IVA Supervisor will:
- Deal fairly with any changes to your circumstances
- Decide what action needs to be taken
The sooner you talk to them about any issues, the sooner they can help.
Your Supervisor will send you a certificate of termination if all other options fail. This means your IVA has ended.
When your IVA is terminated:
- You are no longer protected from collections action
- You still owe the outstanding balance of your debts
- Interest and charges can start again
- The people you owe could petition to make you bankrupt
Sometimes, what you pay towards your debts is less than what you pay into your IVA. This is because of:
- Nominee fees and
- Supervisor fees
Find out more about IVA costs and fees.