If I enter into a IVA and am made redundant

[roger.g]

If I enter into a IVA and am made redundant or offered voluntary redundancy and early retirement, what happens?

[kezza]

Hi Roger,

Unforseeable changes in circumstances can usually be sorted by your IP at a variation meeting or a total change in how you repay your debt(if you repay your debt and not resort to bankruptcy), but you must not make changes yourself that would have a detramental affect on your IVA payments

[MelanieGiles]

Hi roger g and welcome to the forum

If you were unable to continue making your IVA payments as a result of the loss or retirement from a job, then it is possible to alter the terms of the arrangement to accomodate this - perhaps by offering a lump sum from your redundancy package or pension.

If this happens to you, discuss matters with your IP as soon as you are put on notice by your employer, so that a plan of action can be agreed at an early stage. I have done this many times quite successfully in practice.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk