Hi, we are currently in a joint iva (year 5), but extended for another year because of a little equity in our property. My hysband was made redundant yesterday, we had informed our iva company that this was going to happen. My question is that my husband has managed to find a new job, which he starts in a weeks time but the best he could find is paying 6k less then his current one. I am worried sick because i know that they will take all if his redundancy off us (about 17k), we pay nearly £600 a month into our iva's, i just don't know how we will manage this once he starts getting his new salary? At this late stage i don't want our iva's to fail #128542; does anyone know what our options are?
Your husband will retain a sum amounting to six months of his old net wage, the balance will go into the IVA. You then need to fill out a fresh income and expenditure form, your disposable income will decrease and hence your IVA payments will decrease for the remaining term
Will he be able to keep six months though, because he has already got a new job? I just thought that you got to keep six months whilst you looked for new employment? Just worried how we will be able to pay £600 a month when his new wages start in September, if the new wage isn't taken into account asap. I don't want to go into arrears or anything.
My understanding is the same as yours, Dixie, in that if you find work during the 6 month "grace" period you hand back whatever portion of the retained monies isn't accounted for on a time basis.
You will need an urgent I&E review and, possibly, an agreed break for a couple of months while things settle.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Foggy, not sire if you are aware of this but for cleardebt all their customers have Income protection insurance provided by them, so if made redundant or ill, payments are covered. Perhaps other IPs should include this. For a £30 per month premium, I am sure most creditors would see this as a good deal for them.
I know private insurance protection policies have been discussed on this forum before, but perhaps not as much as I would have thought.
We will be unable to claim this though cause my husband has now found a job. I don't know whether it would have been better to find a job later on & keep 6 months redundancy to tide us over. My husband didn't want to be unemployed though cause he never has been before. He also had to fight for the salary he got because he was so well paid where he was before. Some of his other work collegues have found work on a lot less then my husband. It's the area we live in and the current climate. I also wondered what would happen with my own creditors because they're not going to get as much off me going forward, my husband's will get all of his redundancy. I haven't done anything wrong and yet mine will be penalised by this big time.
Indeed Foggy, when cleardebt approached me to claim PPI, I told them I had never taken this out APART from their policy in the IVA. I cheekily asked could I reclaim this? They said NO.
