The only things more serious than making late or no payments to your creditors is making late or no payments to your creditor after you’ve already executed an iva (individual voluntary agreement). This is a serious legal binding contract that is valid for 5 years. Luckily, if fate turns and you are out of a job or landed yourself in the hospital there is an Insolvency Practitioner willing to work with your situation. Contact them prior to a missed payment or you could breach your contract and invalidate the deal. You’ll be right back where you started and have to worry about the increased debt along with losing credibility from your creditor.

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