In an IVA for two years, now being made redundant. Would I be able to pay off the remainder ?

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Joanne.19

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Post by Joanne.19 » Mon Jun 22, 2015 9:37 pm
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I have been in an iva for two years and have another three years left.I'm being made redundant would I be able to pay the three years off or if not how much would I have to pay out of my redundancy to them
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Foggy

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Post by Foggy » Mon Jun 22, 2015 10:00 pm
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You will be allowed to retain the equivalent of 6 months salary with which to live and pay the IVA as normal whilst looking for work. The rest of the compensation will have to be paid into the IVA. Your payments will then continue until the contractual end of the IVA or the sum of the full original debt, plus fees and statutory interest has been reached.
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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Michael Peoples

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Post by Michael Peoples » Tue Jun 23, 2015 8:59 am
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If you do not find a job or you find a lower paid one meaning no further contributions can be made, creditors will likely allow the IVA to complete after six months.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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