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gzzb
New Member
12 Posts |
 Posted - 10 March 2010 : 06:34:46
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Hi
I hope you can help as I have never been in this position before and don't know what to do.
I have been in an IVA for nearly three years and never missed a payment.
I have just been made redundant at work on Friday and am now really worried about what to do.
I am with Debt free direct can anyone tell me what happens next ?
Any thoughts would be appreciated.
gzzb |
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lesley_
Forum Expert
30 month\s down 30 month\s to go.
United Kingdom
8889 Posts |
Posted - 10 March 2010 : 07:02:54
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Hi Gzzb and welcome to the forum.
I am sorry to hear of your redundancy and hope that you find other emnployment very soon.
I would definitely talk directly with your IP. Is there any redundancy pay? You will need some to live on but payment breaks etc., can sometimes happen.
Declan who posts on behalf of DFD will I'm sure pick up on this post and advise accordingly.
All the best. |
http://thereisanend.blogs.iva.co.uk/
Downhill now 31/60.... |
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 10 March 2010 : 08:41:22
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I'm sorry to hear your news as well.
Will you be getting any redundancy? If so, then you should be able to use this to fund normal living until you get another job. Any left over will have to be paid across then.
If there is no money, then you should be able to negotiate a payment break.
Give DFD a call, or alternatively contact Declan via the the experts link on the left hand side of the page. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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gzzb
New Member
12 Posts |
Posted - 10 March 2010 : 13:37:05
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Thanks for responding.
I will be getting four weeks pay. I am due to make a payment in the next few days to DFD. Should I make it ?
What I am trying to get a handle on is what generally happens in these circumstances and what are my options ? |
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lesley_
Forum Expert
30 month\s down 30 month\s to go.
United Kingdom
8889 Posts |
Posted - 10 March 2010 : 19:12:13
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I would definitely talk to DFD directly immediately in respect of your payment. Does it look likely you will get employment soon? I realise the climate isn't ideal at the minute.
Get specific advice as payment breaks etc, can be put into place All the best. |
http://thereisanend.blogs.iva.co.uk/
Downhill now 31/60.... |
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Helen
Forum Expert
IVA completed.
United Kingdom
6018 Posts |
Posted - 10 March 2010 : 19:19:01
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Hi
i'm really sorry to hear about your redundacny. I agree wit hthe others, get on the phone straight away.
You ip may be able t osanction a payment break for a short while, this will give you some breathing space.
Good luck hun and I do hope you get a positive outcome.
xxx |
IVA Completed
H xx
please visit my blog at: http://ladyh.blogs.iva.co.uk
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gzzb
New Member
12 Posts |
Posted - 16 March 2010 : 06:01:08
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Hi all
I got in contact with declan over the weekend and got a phone call on Monday morning from DFD. She suggested that I take a payment break, while I try to find a new job.
She said that they can agree a break I think of up to 4 months at their discretion and possibly 6 months with creditor approval.
The main issue I think is going to be finding a job on the same salary. I have only ever worked in commercial construction but this year has started really badly. Most of the other companies that I know of in the north west are also laying off.
What happens if I can only get a job with a lower salary. Will my repayments be looked at ? and if they are reduced how much reduction is too much ?
I know there is probably no black and white answer as all cases are different but I could do with some sort of idea so that I know what sort of jobs I can apply for.
I just want to get back to work as quickly as possible but i don't want to get a job which will only mean that the creditors will fail the iva anyway.
Again, all thoughts appreciated.
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MelanieGiles
IP
30800 Posts |
Posted - 16 March 2010 : 21:45:56
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| If you have concerns about your ability to find work at a similar salary level, then I would consider asking your IP to seek a termination on the basis that you have already paid in excess of what you would have been required to pay under bankruptcy proceedings. |
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp |
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gzzb
New Member
12 Posts |
Posted - 18 March 2010 : 07:07:27
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Is that really an option ? The lady that rang me from DFD was very nice but she didn't suggest that I could do that ?
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lesley_
Forum Expert
30 month\s down 30 month\s to go.
United Kingdom
8889 Posts |
Posted - 18 March 2010 : 07:37:20
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Melanie would be right gzzb, do take her advice as she is a very good IP and certainly knows her stuff. I would think you spoke to a member of staff at DFD? rather than your IP? but I could be wrong in assuming that.
All the best x |
http://thereisanend.blogs.iva.co.uk/
Downhill now 31/60.... |
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gzzb
New Member
12 Posts |
Posted - 18 March 2010 : 11:15:28
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Its hard to get the tone of a question correct with emails. I didn't mean to sound as though i was questioning the advice. I was just surprised that that was even an option. If thats how it came across I apologise.
I will contact DFD and and let you know what they say.
Once again thanks for the advice Melanie, I was just very surprised at what it was !! |
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gzzb
New Member
12 Posts |
Posted - 19 March 2010 : 16:23:38
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Just got a call from DFD, they said it was unlikely that it would be accepted and started to talk to me about debt management plans and bankruptcy.
If I was to go bankrupt what would happen to the payments I have made so far ?
They have put forward for a variation to get the payments suspended for a couple of months whilst I see what I can sort out.
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 19 March 2010 : 16:58:12
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If you were to go bankrupt, then the money you have paid in would be distributed to your creditors and pay your IP fees.
You should be able to get a payment break whilst you sort another job out.
Try emailing your IP direct rather than speaking to office staff:
http://www.insolvency-service.co.uk/newipsearch.htm |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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MelanieGiles
IP
30800 Posts |
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gzzb
New Member
12 Posts |
Posted - 19 March 2010 : 18:48:34
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What would be their reason for not wanting to propose the full and final settlement option. Does it cost them money to do so ?
I also note Kallis3 comments regarding contacting the ip directly, would this help ?
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 19 March 2010 : 18:53:48
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I believe that any fees for a variation are paid by you - not upfront of course, but added to your IVA pot.
I rather hope that Declan can pick up on this on Monday. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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gzzb
New Member
12 Posts |
Posted - 19 March 2010 : 19:06:39
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Kallis3
I assume from what you have said that they would deduct the variation costs from the money that I have already paid before they pay it onto creditors?
If that is the case then I just don't understand why they wouldn't propose it ? Could it be to do with who the creditors are and DFD's opinion of its success/failure or am I over complicating it ?
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 19 March 2010 : 19:57:38
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I think that is right, but I do stand to be corrected.
I also think that they should put forward a full and final if you ask them to.
At the end of the day, if it fails, then the only one who loses out is you. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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gzzb
New Member
12 Posts |
Posted - 19 March 2010 : 20:07:36
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| If they where to put forward a full and a final and it was rejected would that be it then, would the iva fail ? |
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MelanieGiles
IP
30800 Posts |
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gzzb
New Member
12 Posts |
Posted - 19 March 2010 : 21:15:24
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If thats the case then I must contact my ip directly and put my case to them. I'm still confused as to why the office staff don't suggest this. Their must be a financial reason for them not too (i guess). From my point of view there is nothing to lose.
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Topic |
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Redundancy
