What happens if you are made redundant in an IVA?
I am 11 months short of completing my IVA (60 + extra 12) and if I am unlucky enough to be selected for redundancy what happens to the redundancy money? Do I declare it? or just continue to pay my monthly fee. I am aware of windfall and extra income clauses. The problem is I was quite well paid when I started my IVA and got into difficulty. The thought of losing my job panics me a bit and any redundancy received I would have to inject this into my mortgage to reduce the amount I owed on the mortgage so that I could take another job earning less money.
Regards
AndyG
IVA - 61 of 72
Im nearly at the end of my IVA I can almost taste it
If you are unucky enough to be made redundant they you do have to tell your IP if you have a payout. You are normally allowed to keep up to six months worth to fund your normal outgoings but anything over and above that will have to be paid across to your IVA as it is a windfall.
You wouldn't be allowed to keep any to pay across to your mortgage.
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
Inevitably I would lose my home as I doubt I would be unable to earn anything like what I am earning at present. Also I have a family member who is now willing to give me the £3600. I had to inject into the IVA in year 4/5 and because I could not remortgage or find the the additional £3600 my IVA was extended a further 12 months now I find Im in a position to put that money in would I be able inject this and complete my IVA?
Regards
AndyG
IVA - 61 of 72
Im nearly at the end of my IVA I can almost taste it
Run it past your IP - if someone is willing to let you have the money then I don't see why not but of course I'm no expert!
I've deleted your other topic as it's a duplicate of this question.
I'm sure one of the experts will be along to advise further.
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
newspaperman,
i have read on here of people who have been able to offer a F&F out of their redundancies, if there is little chance of them finding work again.
obviously i dont know all of the circumstances but speak to your IP who will advise.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
