Thanks for the replies.

I just have one more question on this subject. Who would actually be willing to lend someone money to someone who is currently in an IVA, and would the IVA affect the interest rate?

Andy

What are the rules behind equity release, or does it vary from case to case? For example, I estimate that at the moment there is approx £40K equity in our property. However, if I go for an IVA it will only be for myself, not my wife, and the mortgage is joint so half of the equity belongs to my wife...

This gets more and more complicated! I took out the income protection policy to replace the repayment insurance I had with my mortgage company because it was much much cheaper. I am now thinking that I should replace the income protection insurance with insurance specifically linked to my mortgage p...

So would I be better off living off the redundancy money, not claiming on the insurance policy and not looking for another job for 12 months? Would this still be treated as a steady income?

Thanks,

Andy

Hi Melanie, How does the 'windfall' legislation work? If I was made redundant I would receive over £20K. If I was in an IVA would this reduce the balance of the IVA by this amount, or would it simply be given to the creditors leaving me with the remaining balance of the IVA to pay myself? Thanks, Andy

If I had an equity release clause in my IVA (I'm a homeowner) and I received redundancy pay would I be able to offer the redundancy money in place of a secured loan? In fact would I be able to do this and make a full and final offer if I received enough redundancy to cover this?

What would happen if I had an IVA and was made redundant?

I have income protection insurance so I would still be getting a steady income for at least 12 months. Also, I would get a large redundancy payout which would probably cover the cost of the IVA for several years.

Thanks,

Andy

Excellent advice, thanks very much.

Thanks for the invaluable advise. Is there anyone you would recommend? Barclays is out because I owe them over £25K. I have no debts with Lloyds TSB or Nat West, is either of those worth considering? I would need an account that my salary could be paid into and which would accept direct debits. Woul...

Thanks for the advise. Unfortunately I am with HSBC, but I do not have any debts with them. Some time ago I ran into difficulties and all the bank did was replace my cheque guarantee card with a Switch card so I couldn't write guaranteed cheques. Do you think they may be willing to do the same? I've...

How long on average does it normally take to get an IVA approved? What percentage of IVAs are rejected? Has anyone ever lost their house as a result of applying for an IVA? e.g. has applying for an IVA ever resulted in bankruptcy? What happens with my existing current account? Will I be able to keep...