I have taken out an IVA and have paid for the last 2 years with 3 years to go. There is a threat of redundancy within my company. How will this work if I get made redundant. Will my redundancy money have to be used to pay my creditors off the FULL amount that I owe them or will I have to pay the outstanding amount off the IVA.
Your redundancy money will be used to support you until you find alternative work.Any leftover once you are back in employment may well be taken under a windfall clause in your IVA(check with your IP)
Would the package provide enough money to offer a full and final to your creditors??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Two good pieces of advice there from plasticdaft - but just to say that if the award is significant, it may be a good idea to look at a full and final settlement of the IVA if you can get anywhere near making the original dividend sum.
Lets hope that the redunancy doesnt happen but remember that your priority is finding alternate work and not your IVA. Make sure that you keep your IP informed as soon as anything happens(may even be worth a quick call to let them know it may be on the cards)
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
hi could you not get payment protection for your iva payments then if it goes on a bit longer you would be covered?
depending on the amount you recieve it will be used to pay the money remaining to close the iva not the overall debt.the creditors would maybe look favourably on an early settlement rather than it failing i would think this could be lower than you actually owe over the 3 years remaining due to less fees etc etc
Last edited by creditcrunched on Tue Sep 02, 2008 4:21 pm, edited 1 time in total.
