Haven't posted on here for a long time, just been getting our heads down with our IVA so I hope everyone is well. A quick question. We are coming up to starting out fourth year in our IVA and there is a possibility that my husband could be made redundant. What would happen to our IVA especially if, in the current climate, he is unable to find more work?
I would suggest that your IP ought to seek the approval of creditors to terminate the IVA early, but is he likely to get any redundancy package from his employers?
Ok - so I would suggest you seek to retain some of that money to tide him over until new employment is found, and perhaps use the remainder to offer a full and final settlement to creditors. Just make sure that you leave yourselves sufficient to live on, whilst at the same time knowing that redundancy is technically a windfall which is captured by the terms of the IVA in any case.
