there is a chance i may be able to work abroad for a short period of time and i would receive the following allowances seperate to my pay. A food allowance a overseas allowance and a working away allowance due to the high cost of living in this country. I intend to try and live by the bare minium and save these if i can. These are allowances out of my basic pay so what i save while away could i use to try and get a final settlement on my return if i manage to save enough.
Not sure about this one, hopefully one of the experts will be along to assist.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Thanks for replying. I have been told it isnt a windfall and i have done a little research and have seen people quoting you can have savings if you make them from your allowances.i am not after saving as i just want to pay of my iva early with anything i can manage to scimp and save from theses allowances, whilst i have got this opportunity and start to rebuild my life again.
Hi Dave. I also do not think these payments would amount to a windfall but you would want clarification from your own IP before you scrimped and saved. If on your return you no longer have a surplus these funds may be accepted but if there is still a surplus creditors may want the IVA to run it's term.
if there is a surplus my parents have offered to help me end my iva but there funds are limited. Would they be able to make an offer of a full and final settlement on the remaining surplus. to finally try to end my iva?
It is possible and creditors are willing to accept full and final settlements. It does help to have a particular reason why you want to finish early such as job insecurity, struggling with payments, loss of overtime etc. However, creditors have accepted full and finals where the reason given was that the client's parents wanted to help the client out as they found out about the IVA. The allowances are restrictive in an IVA and it is not uncommon for parents to find out that their child is in financial trouble and offer to help them out.
If your parents have some funds would it be an option to offer a full and final now as you have an opportunity to go and work abroad? Given the economy here it may be an acceptable reason and you could then pay your parents back when you return.
Presumably the overseas allowance is there to cover the increased cost of working abroad, so I struggle to see how it represents additional income which could be grabbed by creditors.
