I currently have an IVA running, it has been running for 15 months and every payment up to now has been met.
My girlfriend has been informed she will be made redundant from her job as of February. She has been offered work abroad in Brazil too good to turn down and has agreed to a 1 year contract.
My plan is to go with her, this would result in me leaving my UK employment. The plan is for me to also find work abroad whilst there however this could take time. In the mean time I will be supported by my girlfriend.
I am confident that I can still keep up to the IVA payments agreed for the 12 month period and already have savings in place to cover this.
Can you please explain to me what my options are?
I fully intend on keeping up with all my IVA payments so that on our return to the UK I am still on course to be debt free.
What you are suggesting seems fine but if you do not find work within the first year there is a danger the IVA could fail. If there is any way you could raise a lump sum from friends and family I am sure creditors would be happy to accept and you could then pay the money back when you are able to. At least friends and family will not make you bankrupt if you struggle a bit to repay on time.
You need to advise the IP of any change of address and circumstances and they may question how you can afford the payments. If the savings are from your share of bonuses etc I see no problem so give them a call.
I have managed to save from my bonuses from work over The last 12 months. Would there be an option to pay all 12 months payments in Feb before we leave to cover the year? This way the ip would be sure I'd kept Ti my agreement.
Seems reasonable and provided you kept the IP updated of your situation in Brazil I see no problem. However it might just be better to leave the money in the bank and pay it monthly.
I still think a settlement would be best for you if you can raise perhaps another year's contributions but if this is not possible good luck with the job hunting.
