I am writing on behalf of a friend who doesnot have email access. He is 65 and has enetered into an IVA where he pays £300 per month to the IVA organiser.
There is a charge on his property.
He is supposed to raise £43K between the third and fifth year of the IVA.
However, he is going to be made redundant on the 31 December and will find it hard to get re-employed at his age. What does he need to do now?
Inform his Supervisor immediately. Creditors may accept a full and final settlement from his redundancy payment. He should also check his insurance policies to see if he is covered. A full and final settlement now may be easier got than a remortgage in his late sixties.
