Hi I have 5 months left of iva totalling 1700 pounds. I have just been told I am being made redundant and should get around 3500 can you advise what will happen? Can I pay off iva? I have never missed a payment. Please advise. Matt
With such a small redundancy payout - which is in any case captured under the IVA as a windfall - won't you need that money to live on until you find another job?
Well nothing with regards to Redundancy amount is confirmed yet. This however is the statutory minimum I will get. Yes I would need to that money to live on. I am just worried if I am honest and dont know what is going to happen
I wouldn't worry unduly if you only have 5 months to run on your IVA. The most likely outcome if you cannot pay contributions over that period is that your IP will put forward an offer to creditors of either an extended payment break, or that they accept what you have paid to date in full and final settlement.
It is in no-one's interest to fail an IVA at this stage - especially when the redundancy is through no fault of your own.
