Missing, Failing or Making Late IVA Payments

Missing your IVA payment can be very risky, At all times you must keep your insolvency practitioner upto date with your current financial situation. Late payments may be acceptable if you have a good enough reason to why this has happened 

Once you have missed 3 payments or equivalent then your practitioner will send you a 'Notice of Breach', Normally you will be allowed between one and three months to correct the problem explaining the missed payments and paying as soon as possible. Once you do this, no more action will be taken against you

Talk to your practitioner as the terms of your arrangement may be changeable but they can also terminate your IVA or apply to the court to make you bankrupt

You should always speak to your IVA provider as they will be able to help you in such a situation

Notice of Breach

If you miss a payment your Insolvency Practitioner (IP) will probably send you a formal notice of breach. This will ask you to explain the reason for the breach and potentially how to put it right. Putting right a late payment would mean paying it as soon as possible.

Most arrangements will give you up to three months to respond to the notice. If you do this, the IP will not take any more action against you but if you do not do this you could face severe consequences such as your IVA being cancelled

What Will Happen If I Cannot Put It Right?

If you don’t put things right, the IP will take the following steps:

  • Changing the structure, if you have had a change in circumstances and that is the main reason for falling behind on your payments then your IP can repropose your IVA with a new monthly payment but you must be able evidence a change in your financial circumstances to your creditors 
  • End your IVA, your IP can terminate your IVA once this is done you will be provided with a certificate of termination
  • Your IP can apply to the courts to make you bankrupt

If you feel your circumstances are getting worse and your IVA payments have become unsustainable please contact your insolvency practitioner or our team for further support. 

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