I'm being made redundant, now only have my pension to live on. How will this effect my payments ?

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Michaeld419

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Post by Michaeld419 » Mon Dec 15, 2014 12:58 am
I'm being made redundant and am over 65 how will this evect my payments as I only have my pension to live on
 
 

Pandy

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Post by Pandy » Mon Dec 15, 2014 7:14 am
You will need to do an new Income and Expenditure form to see what if any surplus income you have, if none your IVA company might go back to creditors and ask for your payments to date to be used, or for a reduction if payments are available but below the 15% reduction they are allowed to authorise without calling a creditor meeting.
Which company are you with? and how far into you IVA are you?.
You need to inform them ahead as it takes a while to arrange meeting, if your income has reduced drastically it might be worth having an authorised payment break while waiting.
Last edited by Pandy on Mon Dec 15, 2014 7:15 am, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
 
 

Foggy

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Post by Foggy » Mon Dec 15, 2014 7:49 am
Hi. I echo PJ here, although not all arrangements have the 15% discretionary reduction ability written in.

Also a portion of your redundancy payment will, most likely, be due to be paid into the arrangement.

You need to have a chat with your IP to get a way forward mapped out.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Adam Davies

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Post by Adam Davies » Mon Dec 15, 2014 8:30 am
Hi

Speak with your IP asap and explain your new situation

Regards
Andam Davies
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