![]() ![]() Your IVA proposal document will detail the specifics of this requirement. You may also be able to ask your creditors if they will vary the terms of your IVA to accommodate your change in circumstances.Īn IVA will typically allow you to keep your home on the basis that – instead of selling it – you attempt to release equity (the difference between the value of your home and the amount you have left to pay on your mortgage) for the benefit of the creditors. Any changes will then need to be reflected in your future payments. ![]() For example, if you decide to go back to work part-time and your income is reduced, you may have child care costs, or you may be entitled to child benefits which will see your income increased. When your maternity leave comes to an end, we may need to assess your circumstances to account for any financial changes to your situation. You will need to repay these by either extending your plan, increasing your payments temporarily or making a lump sum payment. It is worth noting that a payment break does not mean that the missed payments will be removed from your plan. We may also be able to offer a payment break from your IVA to allow you to adjust before we reintroduce payments. We can look at reducing your monthly payments temporarily to reflect your decrease in salary during your leave. It will depend on individual circumstances and your Maternity Pay entitlement. ![]()
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