i am currently in my 3rd year of a 6 year IVA and on a 6 month payment break due to my wifes maternity leave.
i recently took redundancy from work whilst on the payment break and received £15000. i have not yet informed my IVA company as im not due to start making payments again until September.
There is a chance i will be starting a much better paid job than the one i was in before.
questions:
1) do i need to inform my IVA company that i received this money when i start making payments again.
2) if so, will they take some of the money or whatever is left after i have lived off it without a wage.
3)i owed some money to my parents which i paid back from this money. is this allowed?
1) You need to inform them right away.
2) Generally you are allowed to retain the equivalent of 6 months salary, from which you make normal repayments and live to your usual IVA budget. The rest is payable into the IVA.
3)No, this is not allowed as is seen as treating one creditor more favourably than another.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
