Hi could somebody please advise me as I'm really worried about my future. I am currently in an IVA with my partner. We don't have any joint debts. My partner owed 20000 plus on his debts and I owed 9000 on my debts.we are in our final year with 6 months remaining to pay. I've recently found out that my job role of over 20 years is going and I could be left with three options
1-be put in another role if available
2-step down with less salary but received a lump sum of £5,000 which is the difference between my old salary and a new salary. This amount is supposed to to compensate for loss in salary. If this happens I will be losing £200 plus per month take home pay.
3-redundancy of around 24k
I am hoping that I can be found another job with the same salary within my company stop with the lack of vacancies I'm not sure.
Please can you advise me on what would happen in each scenario also am I responsible for my partner's debt we don't have any joint that's just in the same Idv together
OK -- first of all you are not in an IVA together, Each of you have your own IVA. If you are making the one payment they will probably be interlocking.
Unfortunately it is probably a bit late in the day to make a full and final as events will probably overtake you.
Scenario 1 is best. In scenario 2 the creditors will want at least a share of the compensation, but you will also need to negotiate a reduced monthly payment. In scenario three, you will be allowed to retain 6 months salary equivalent, from which you will need to make the last payments as arranged. The rest will go into the IVAs.
All of the above will meant that you will probably pay off your IVA and the excess will be diverted to your partners IVA ( so you will be paying his debts ).
You could seek to get the IVAs separated, pay off your own and retain any surplus. This will leave tyhe other IVA to continue til it's natural end. But, again, you might still be overtaken by circumstances.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thankyou
the amount we pay between us is 160 per month so me loosing 200 per month in salary will impact my finances.i just have to wait and see what happens now.thanks for the advise
How would I go about getting ivas seperated and is it a long process?
I dont want to jeopardise my iva but dont want to loose all monies to iva incase I cant find work etc
sorry but im do stressed at the moment with possability of loosing job and then iva on top of that
Thanks for advise.ill check my documents tonight.should it state interlocking on my documents? I havent noticed it before.we have x1 documents for myself in my name and x1 set for partner in his name.our annual reviews are together and the amount we pay is between us.thanks
Just checked.my documents state linked with partners name and vice versa.im just going to see what happens then take it from there.hopefully ill be job matched.
thanks everyone for the advise[:)]
Best of luck. If needed I believe your partner's IP would need to call a variation meeting of his creditors to unlock his IVA form yours and continue in the normal way - yours would then (potentially) be paid off in full and settled early and closed.
Its looking like i will have a job but have to step down with lump sum of 5000.00 to compensate loss.but on monday my partner was sacked from his job.we are sick with worry.
You usuaully get to live off 6 months of redundnacy pay and you only have 6 months to go of contributions so I would think this should be okay for your IVA.
For your partners IVA s/he will either need to get a payment break whilst they find new income or look to put forward a variation to creditors to accept payments to date on F&F and bring the IVA to an early end. You really need to speak to your IP about this sooner rather than later so a plan can be put in place.
