How would it affect my IVA if I got made redundant 3 months before IVA ends ?

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Natalie.j

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Post by Natalie.j » Tue Oct 14, 2014 3:37 pm
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say, i had an IVA and 3 months before the IVA ends i got made redundant. how would that affect my IVA? will that stop my completion.
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Foggy

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Post by Foggy » Tue Oct 14, 2014 4:33 pm
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It shouldn't hold up completion but a good chunk of any redundancy payment will have to be paid into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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ashb

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Post by ashb » Thu Oct 16, 2014 9:20 am
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I am also in same situation. The only thing I suggest is drag out the process till you get the final certificate - that however is not always a simple thing and some IVA firms allow this to go on for months if not years. Happily some firms are trying to speed the completion up
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Adam Davies

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Post by Adam Davies » Thu Oct 16, 2014 9:48 am
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Hi

If your redundancy is paid within your IVA period [up until completion] then it can form part of your IVA and payable to your creditors. It will be up to your IP on how to deal with this if redundancy is received after your final payment

Regards
Andam Davies
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