hi, i have 9 months to do on my iva.. i pay .£496 a month.. i have been offerd volantary redundacy at my work with a package of £23000 , will my iva take it all or can i just pay it off in one lump sum. im thinking of retraining so will need money to live on while i retrain /look for full/parttime job etc.. any advice welcome..
You are usually allowed to use some rendundancy to help fund your normal circumstances whilst unemployed until you find further employment.
You could always speak to your IP to tell them about this and possibly offer the outstanding payments as a full and final payment.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is likely that you will be allowed to retain up to six months equivalent of your current wages - during which time you will be expected to maintain IVA contributions - and pay over any balance to creditors.
Given that your IVA is so close to closure, your IP may consider offering a full and final settlement to creditors - but do remember that creditors are entitled to the redundancy monies as a windfall.
I hope that you will be able to find a new job soon.
