A payment break is where the Insolvency Practitioner agrees to suspend your IVA payments for a specified period. You may ask for a IVA payment break in the event of an emergency, for example, if you are made redundant and are looking for a new job.
Depending on the terms of your IVA proposal, the Insolvency Practitioner may be able to agree the payment break with you. In some cases, the Insolvency Practitioner will not have the option of agreeing a break in IVA payments.